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Monday, 31 August 2009 15:07

Runge maintains earnings in difficult year

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Australian-listed mining technology services company, Runge has managed to deliver net profits for 2009 of $7.9 million, which managing director Tony Kinnane says was a satisfactory result for the company given the difficult circumstances of the global financial crisis.

Runge reported net profits after tax were up 33.9 percent on the previous year, although Kinnane said the earnings were equivalent to last year’s earnings when taking into account proforma adjustments. Total revenue was up 18.6% to $83.4 million, with EBITA up 13.4% to $12.7 million.

Kinnane said that in the difficult market the company was able to respond quickly to variations in customer demand for services and technology, and “capitalise on opportunities identified by our global network of offices.

“Runge has retained staff during these very difficult economic conditions and as a result is well placed to benefit from the early signs of recovery we are now seeing. Runge’s strong cash flows have allowed the company to reinvest in the business and declare a fully franked final dividend of 2.5 cents per share, making a total fully franked dividend for FY09 of 4.5 cents per share.”

Kinnane also said revenue was up as a result of organic growth across all regions, however margins were down over the full year because of lower than expected software revenue in 1H09 due to delays in purchasing approvals.

“Runge’s FY09 full year results demonstrate the resilience of the company’s business model and strategic global footprint. The company continued to grow its global business with the establishment of an office in Hong Kong in February 2009, thereby increasing its exposure into new and growing markets. Runge’s other offshore businesses performed well, particularly the USA and Asian offices.”

Commenting on Runge’s outlook for the 2010 financial year and beyond, Kinnane said “the market fundamentals are improving with less uncertainty within the mining industry. Looking forward, Runge has a number of global growth opportunities. 

“This is particularly evident in the demand for Runge’s software solutions which has built a large sales pipeline.  The demand for Runge’s consulting services is recovering in Asia, South Africa and South America and holding steady elsewhere”.

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