23 Aug 2011

Profit rise reported by design company

12:26 pm on 23 August 2011

Cavotec has reported a rise in profit to $4.1 million euro in the six months to June, an increase of 46% on the same period a year ago.

Revenue rose 33% to 83 million euro due to stronger performances from its ports, airports and mining divisions, which more than offset a fall in its general industry arm.

Recently, Cavotec bought the US-based airport services firm INET, which it says will boost earnings.

Looking ahead, the global engineering and design company expects a strong result due to 91 million euro of work in its order book.

Cavotec plans to switch its listing from the NZX to the Nasdaq OMX in Sweden, where it says it has a better chance of raising capital.