Full Year Results – year ending 30 June 2010

Overview

(18 August 2010)

Strong start to first half, continuing the recovery from the GFC seen in the fourth quarter of FY09
Implemented second phase of management restructure in October 2009 to establish a matrix to manage the global business
Disappointing second half, caused by continuing impacts of GFC in different parts of the world, compounded by the impact of the management restructure
Divested MPL Laboratories as a non-core asset
Acquired Global Justice Solutions and Libra Advisory to build global security and justice business
Actions implemented during second half to improve performance:
- Increased business development activities
- Overhead cost reductions from procurement review
- Implemented business right-sizing plan with staff reductions
  - one-off costs of $3.9 million
  - cost savings of between $12 million and $15 million per annum in FY11
Improved monthly fee revenue evident from March 2010 reflecting return on increased business development activity
Fully franked final dividend of 3.5 cents per share
Bank facilities and financial undertakings reviewed in June 2010
Cautious outlook for FY11 despite improving monthly fee revenues over past 4 months

The Directors of global professional service consultancy Coffey International Limited ((ASX:COF) (“Coffey”) (“the Company”)) today announced an operating earnings before interest, tax, depreciation and amortisation (“Operating EBITDA”) result of $45.5 million for the full year ending 30 June 2010, down 19% on the prior corresponding period. This result included one-off costs of $3.9 million relating to the business right-sizing plan implemented in June 2010 (2009:$2.0 million).

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Full Year Results - year ending 30 June 2010.pdf