Emeco

Better Equipped | Equipment Solutions for Mining

2010 Annual Results - Media Release

EMECO DELIVERS OPERATING NET PROFIT OF $41.1M IN LINE WITH GUIDANCE

AND CONFIRMS POSITIVE OUTLOOK FOR FY11

Key Points

  • Full year operating NPAT of $41.1 million - in line with guidance
  • Previously announced impairment and restructuring charges of $90.4 million post tax ($74.9 million non-cash)
  • Strong cash flow has reduced debt to $300.2 million at 30 June 2010, providing balance sheet flexibility
  • Resumption of dividend - 2.0 cents per share declared, fully franked
  • Decisive action taken on underperforming businesses and geographies to improve shareholder returns
  • Step change in activity during 2H10 across all core markets (86% utilisation at 30 June 2010)
  • Strategic focus on providing larger equipment to customers in core mining markets
  • Positive outlook in Emeco's core markets for FY11

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