MELBOURNE based Becton has put together a solid 2007 financial year result.
The group announced a net profit after tax of $36.3 million, 19% ahead of prospectus forecast and 73% higher than FY06.
Total NPAT, including revaluations of investment properties, was $63.1 million – 107% higher than prospectus forecast and 153% higher than FY06.
Chief executive Hamish Macdonald said the result caps a strong year.
Development and construction earnings were $22.1 million, retirement division contributed $10.75 million, funds management contributed $17.4 million and investments provided $8.75 million.
“Profit exceeded prospectus forecasts and our balance sheet strengthened with net assets increasing to $344 million.
“We are pleased with the strong growth achieved from all of our businesses but in particular the property funds management and retirement businesses which increased our recurring earnings and exceeded prospectus forecasts by 45% and 34% respectively,” he added.
Macdonald said the continued integration of Becton’s businesses will underpin future growth and the evolution of our co-investment strategy will see us recycling capital and improving returns for security holders.
Becton declared a final distribution of 15.5 cents per security.
Becton shares closed 20 cents higher at $4.38.
Australian Property Journal
