record profit

30 August 2011
ASX ANNOUNCEMENT
SOLCO CONFIRMS RECORD PROFIT WITH 2011 FULL YEAR RESULTS
Highlights:
 Record revenue of $53.7 million
 Revenue growth of more than 56 per cent on the previous year
 Record pre-tax profit of $3.6 million
 25 year milestone for Group
 Industry shift presents upside for Solco
Solco Limited (ASX: SOO) (?Solco? or ?the Company?) today released its full year
results, which confirmed earlier guidance of a pre tax profit of $3.6 million for the 12
months to 30 June 2011.
The company?s 56% growth in revenue to $53.7 million was driven by the ongoing
success of the company?s Products division, which wholesales a range of solar
products, and the continued expansion of the company?s Projects and Power Divisions.
Executive Chairman David Richardson said the strong results reflected the advantages
of the Solco business including the company?s national footprint, wide range of solar
products and its strategy of growing the business well beyond the residential market
and into the development of commercial scale solar installations and projects.
?Our strategy is proving successful and it remains unchanged for the coming year. We
will continue to build our wholesale division while increasing our market share of gridfed
power generation through larger scale commercial installations and build-ownoperate
power generation projects through strategic joint venture partnerships,? said Mr
Richardson
?After 25 years in the industry our experience, scale and strategy has given us the
ability to make the most of growth and weather any challenges in the sector. As
Government Solar programs are devolved we anticipate a reduction in the products
consumed by the residential solar market, but with steadily rising power prices and
solar energy coming closer to grid-parity, the time is now right for the commercial PV
market to expand.?
?With our proven business model, the right people, the right relationships, and the right
products and experience, Solco is one of the best positioned solar energy companies
to take advantage of the shift from a domestic to a commercial PV market,? he said.
ENDS