Engineering Services company LogiCamms Limited announced to ASX that it is no longer anticipating growth in the second half of the 2011 financial year and is now expecting a Net Profit After Tax result for FY11 of $4.2 million, implying a break even result for the second half of FY11.

The company said the revision to the estimated financial performance for the second half of FY11 was driven by lower work volumes at the company’s Northern operation and recognition of additional project costs and unexpected revenue delays on two fixed price contracts.

“The break-even NPAT expected for the second half of FY11 is the product of a small number of discrete, but material issues including factors outside our control,” Managing director Adam Keats said.

LogiCamms’ Northern operation delivered a loss in the third quarter of FY11, with the Queensland natural disasters adversely affecting work volumes, staff charegebility and subsequent delays of new contract awards.

The company also had to adjust estimated costs to complete on two of its fixed price contracts in the infrastructure sector being delivered in Queensland and Victoria.

These projects also experienced difficulties including inclement weather, schedule delays, natural disasters and cost overruns, with workflows expected to be deffered until next financial year.

LogiCamms has also announced a Placement to raise $8 million through the issue of shares at $1.25 each to raise funds to support future project opportunities.

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