It reported a loss of AU$0.5m in its earnings before interest, taxes, depreciation and amortisation (EBITDA) for the full year to 30 June 2012. This takes account of non-recurring costs, including for restructuring, totalling AU$40.2m.
Underlying EBITDA for the year was AU$39.7m, in line with guidance of AU$39m to AU$41m. Coffey indicated in April that it had a softer than expected third quarter and this impacted its ability to achieve its original EBITDA guidance for the financial year of AU$45m. The company said that this softness was due to delays on a large contract, since secured, and to the impact of significant staff turnover during a time of growing revenues. Staff turnover has fallen by 9% in absolute terms since May 2011 and Coffey expects this to have a very positive impact on operational efficiencies in the 2013 financial year.
Managing director John Douglas said: “The final quarter saw a return to our expected profit momentum and as a result, we are very pleased to see underlying EBITDA from continuing businesses improve 20% against FY2011, along with substantially reduced debt and much improved operating cash flow.
“The turnaround we have been working on for the past year is showing results. We now have a refocused organisation that is delivering to the targets we have set and which has a healthy level of revenue for FY2013 already contracted.”