11 Mar 2014

Fulton Hogan doubles pre-tax profit

9:51 am on 11 March 2014

Fulton Hogan says its first-half pre-tax profit has more than doubled to nearly $93 million.

The engineering company didn't say what its net result for the six months ended December was.

Managing director Nick Miller says the company achieved more than its budgeted revenue in the six months.

He says Fulton Hogan has a significant forward order book and will move into a new growth phase once a share buyback from former cornerstone shareholder Shell is completed later this year.

Mr Miller says the strong New Zealand dollar hurt profitability - profit in Australia was driven by the completion of seven airport projects, the extension of two significant maintenance contracts and the securing of a number of major port and water contracts.

For the 12 months ended June last year, Fulton Hogan reported a $96.5 million net profit on $3.2 billion of sales.