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THE United States is undertaking one of its biggest disaster recovery efforts in a century and ASX-listed Cardno (CDO) hopes to capitalise on this in 2013.
While the impact of Hurricane Sandy in the northeast corner of the US will prove a first-half hindrance, managing director Andrew Buckley (pictured) expects additional clean-up work to positively reflect on CDO’s second-half profit.
“We are seeing healthy organic revenue growth in the order of 7 per cent, but this improving revenue is not being reflected in our bottom line,” says Buckley.
The environment and infrastructure consultancy today predicted a net profit after tax of $36-40 million for the first half of this financial year.
Closer to home, the news is not so positive for CDO after it experienced sluggish growth across all Australian markets.
“Australian conditions are especially difficult with all markets, except the gas projects, showing no growth or negative growth,” says Buckley.
“The combination of increased competition, constrained rates and greater costs, have restricted profit performance to date.”
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