News: Downer EDI boosts annual profit guidance

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Downer EDI Limited (ASX:DOW) has boosted its profit guidance for the full 2015 financial year. 

 

The engineering company now expects to deliver an annual statutory net profit after tax of $210 million.

 

Speaking at the company’s annual general meeting CEO Grant Fenn told shareholders the improved forecast comes following its acquisition of Tenix Holdings Australia. 

 

Mr Fenn has also advised Downer’s existing business continues to perform in line with previous guidance. 

 

Downer announced it would buy Tenix for $300 million in October and has described the asset as a leader in the electricity, gas and water sectors in Australia and New Zealand.  

 

Downer EDI reported a net profit of $216 million in the 2014 financial year.