PARTNERSHIP LIFTS PROFITS FOR CARDNO

FORTITUDE Valley engineering consultancy Cardno (CDD) has predicted a net profit after tax of $71 to 74 million for the 2012 financial year.

The forecast represents a 21 to 26 per cent increase on the previous fiscal period, driven by the ASX-listed company’s partnerships with Cardno TEC, Cardno HRP and Cardno ATC formed during FY12.

“The FY12 performance [also] reflects continuing growth of the business in variable market conditions and confirms the success of CDD’s growth strategy, which has positioned the company to take advantage of strongly growing sectors such as environmental consulting services,” says managing director Andrew Buckley (pictured).

The consultancy’s chairman John Massey has confirmed he will resign after spending nine years in the role.

“I step down confident it continues to be well placed for future profit and growth. It has been an exciting journey and our success is testament to the dedicated and committed team of CDD professionals around the world,” he says.

On August 14, Massey will be replaced by incoming chairman John Marlay – a non-executive director. Massey will remain on the Board until retiring from directorship at the October 18 annual general meeting.

During Massey’s leadership CDD completed 34 acquisitions. It now employs 6500 staff at 250 offices and advises on projects in 70 countries.

CDD shares remained flat today at $7.45 per unit.