National Hire Group net profit was up 21.2% to $15.3 million in the half-year to December 31, 2008 on revenue up 72.2% to $58.5 million.
EPS was down 2.2% to 10.29c.
Cash was down 84.2% to $14.2 million.
The growth on revenue is primarily driven by the $12.3 million share of profit from equity accounted investments, including the share of profits from Coates Group Holding Pty Ltd.
The balance was delivered by contribution from the equipment sales and support business, with net profit after tax increased from $0.9 million to $3.0 million.
Revenue from equipment sales and support business was up 25% to $57.3 million due to the release of the Nightshifter product internationally, continued strong demand for the MineSeries product domestically in the mining industry and growth in the power generation business.
The company said it is focussed on the continued growth of the group through expanded product offerings and export market penetration while maintaining strict financial controls due to the current difficult economic environment.
NHR Price at posting:
$1.85 Sentiment: None Disclosure: Not Held
