Sydney, Aug 27, 2007 (ABN Newswire) -
Australia's top private childcare provider, ABC Learning Centres posted a 76 percent jump in full-year net profit, boosted by acquisitions, and forecast strong earnings growth in fiscal 2008. Net profit for the financial year was just over $143 million up from $81.5 million a year earlier and just above expectations of $138 million. A.B.C. also said it expected EPS growth in excess of 20 percent in the current financial year. ABC has been pursuing an aggressive expansion lead by acquisitions and last year became the United Sates second biggest childcare provider after the purchase of La Petite Academy. Shares in ABC rose after the acquisitions but have since slipped over 20%. However the company is continuing with its ambitions and plans to use a $1 billion capital raising to triple its presence in the huge US market. ABC Learning Centres has a solid history of profit results.
WorleyParsons has posted a rise in full-year profit of nearly 62% percent on strong demand for and a contribution from a recent acquisition. The company provides engineering and construction services to the chemical and mining sectors and increased earnings to $224.77 million from $139.1 million a year earlier and slightly above expectations. The result includes a four-month contribution from Colt Companies, a Canadian project services business which was acquired by WorleyParsons for about $1.13 billion. WorleyParsons shares have risen around 50 percent since the Colt acquisition was announced on Feb. 8, compared to a 3 percent rise in the broader market. Worley Parsons substantially increased earnings between 2005 and 2006.
Australia's largest supermarket chain, Woolies has posted a 27.5 percent jump in full-year profit, cementing its dominant position, saying it expects 2008 earnings to grow up to 23 percent. Net profit rose to $1.294 billion, up from $1.01 billion a year ago. Woolworths has continued to snatch market share from troubled rival Coles Group but has had acquisition hopes frustrated on two fronts. Plans to expand in New Zealand were thwarted after the competition regulator rejected Woolworths takeover bid for The Warehouse. The retailer also lost out in a bid for two of Coles merchandise units in June to the Wesfarmers offer for the entire company. Woolworths stated it is still well positioned for future growth. The stock has risen 16.2 percent this year and a 7.9 percent rise in the broader market. Woolworths has reported record profit results over the last five financial years.
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http://abnnewswire.net/lnk/1746QB2SSource: Finance News Network © 2007
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