REPORTING SEASON: UGL Limited (UGL)
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Figure 1: UGL Limited 12 month chart
Specialised engineering, asset management and property services firm, UGL Limited’s (UGL), Full year numbers were below market expectations.
UGL posted an underlying Net profit after tax (NPAT) of $92.1Million at the lower end of its guidance band.
Back in May the company posted FY13 guidance of $90-$100Million, this led to a sell-off in its share price and lower valuations by many analysts.
Today’s numbers show that UGL is still in working on structuring its business units and still firmly focused on the de-merger of its property arm to boost the performance of both businesses.
UGL said the planned de-merger DTZ will be completed during 2015.
The cost of restructuring its business totalled $55.6Million over the year and capital expenditure lifted to $92Million.
One surprise was 2H13 dividend payment, which was well below market expectations (but in line with the companies view of $0.05 a share – payable on the 6th of September 2013.