Calibre Group Limited (asx:cgh) Delivers Strong Cash Flows and Npat Growth of 10.1%

Calibre Group Limited (ASX:CGH) today reported a net profit after tax of $24.4m for the year ended 30 June 2014, an increase of 10.1% over the prior corresponding period (pcp). Calibre's diversification strategy to broaden recurring revenue streams saw revenue increases in Infrastructure and Consulting offset partly by Resources. This enabled Calibre to deliver a sound result for the year amid tight trading conditions. The inclusion of Randamp;D tax benefits favourably impacted NPAT.

Calibre's strong operating cash flows delivered closing cash of $46.4m and resulted in a net cash position of $2.8m compared to a net debt position of $23.0m in the pcp.

Directors have declared a fully franked final dividend of 2.5 cents per share, taking the full year dividend to 6.0 cents per share.

Calibre continued its safety commitment to Zero Harm, recording a Total Recordable Injury Frequency Rate (TRIFR) of 3.1 for the year compared to 3.2 in the pcp.

Calibre's CEO and Managing Director, Peter Reichler said "It is pleasing to achieve a sound result at this point in our transition. Calibre's strong client relationships, increasingly diversified revenue profile and flexibility sharpens our responsiveness to the tight trading conditions".

"We have a clear strategy to diversify our revenue base by entering new markets and regions and by broadening our commodity exposure and client base."

Key financial results

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$m FY2014 FY2013 Var (pcp)

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Revenue $709.3 $711.3 (0.3%)

EBITDA $45.2 $52.6 (14.1%)

EBITDA margin 6.4% 7.4% -

NPAT $24.4 $22.2 10.1%

NPATA (pre-amortisation) $34.6 $36.3 (4.7%)

Earnings per share (cents) 7.6 7.3 4.1%

Net operating cash flow $63.3 $42.3 49.6%

Dividend per share (cents) 6.0 7.6 (21.1%)

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* FY2013 - Included nine month contribution from Gandamp;S Engineering

Financial Overview

Increased revenues in both Infrastructure and Consulting were offset by lower revenues in Resources, resulting in consolidated revenues of $709.3m in line with pcp.

EBITDA of $45.2m was 14.1% lower than the result achieved in the pcp driven by changes in business mix and market conditions.

NPAT of $24.4m was 10.1% higher than the pcp, driven by Randamp;D tax benefits and lower interest costs as a result of the debt reduction undertaken during the year. An $11.7m net tax benefit was achieved in the year...