Hastie Group has posted a 31.7 per cent drop in full-year profit but the buildings supplier forecasts a return to growth in fiscal 2011.
Hastie Group reported a net profit after tax of $39.8 million for the year ended June 30, 2010, down from $58.3 million in the prior year.
Total revenue for fiscal 2010 was $1.651 billion, down 7.3 per cent from $1.781 billion in the prior year.
The company declared a final dividend of 4 cents a share, fully franked, for a total dividend of 9 cents a share for financial 2010.
Hastie Group chief executive David Harris said the company's market share grew during an environment when non-residential construction activity declined due to the global financial crisis.
"Our order book is 20 per cent up on last year and the tender pipeline of opportunities is very active," Mr Harris said.
"What makes this result even more pleasing is that we maintained revenue and margins in Australasia, our largest market and in the very challenging UK market we broadly maintained revenues year on year; which is an encouraging outcome given market conditions.
"Finally, we expect earnings growth in excess of 10 per cent for FY 2011."
AAP