A very different result for a very different year for engineer United Group.
Earnings ended higher with a 47% rise for the 2008 year, and it expects another year of "double-digit earnings growth" in 2009.
No sign of any earnings problems of the sort others in the sector have admitted to in the past year: United managed to ride out the credit crunch and its fallout to report a net profit of $136.1 million, up from the $92.7 million in 2007.
Business is still strong and more contracts have been won since June 30.
The shares jumped almost 5% on the day, or 64c to $13.99.
The company declared a final dividend of 34c, taking total dividends for the year to 58c, up a solid 21% on 2007.
What the market liked was its outlook for the coming year which, according to many analysts, will be a testing period for Australian companies, especially those operating in the resource and infrastructure sectors, like United.
"We expect solid organic growth as we build upon our strong position in our core markets and expand into new ones," United chief executive officer and managing director Richard Leupen said in a statement.
"We are mindful of global economic uncertainty and the challenging cost environment, but barring any unforeseen factors our current forecasts suggest another year of double-digit earnings growth in 2009."
Mr Leupen said United entered the 2009 financial year "in a very strong position.
"Already we have locked in a large portion of our revenue target for the year and bidding opportunities are at record levels," he said.
"We expect solid organic growth as we build upon our strong position in our core markets and expand into new ones. All our sectors present significant opportunities in this regard.
"Meanwhile, our balance sheet is stronger than ever and we continue our bias towards lower risk alliance contracts and blue-chip partners."
United said that its debt-to-equity ratio currently sat at 26%, with interest payments covered 13.9 times.
"Organic growth from United’s core engineering and property services businesses underpinned the result, while US-based facilities manager UGL Unicco made a strong contribution," the company said.
"We remain well-placed to benefit from record spending in essential infrastructure in the Asia Pacific region."
At June 30 United said its order book stood at $7.4 billion, up 68% over 2007.
That has been boosted by around half a billion dollars in the past month.
Since balance date, Incitec Pivot has won the Moranbah ammonium nitrate that Dyno Nobel stopped building before Incitec took over Dyno last year. United had been the major contractor on the plant for Dyno. The value of the contract is more than $600 million which it will share with Bilfinger Berger Services (Australia) and BGC Contracting.
United will have 55% of the contract. "The agreement is based on a cost reimbursable model incorporating risk reward regime to ensure the best project outcomes," United told the ASX late last month.
The Moranbah project involves the construction of a 330,000 tonnes-a-year fully-integrated Ammonium Nitrate complex comprising ammonia, nitric acid and ammonium nitrate plants and associated infrastructure.
And United then announced, also late last month, that it would be working on new projects valued at $300 million in the power and water sectors through its UGL Infrastructure – its operating division providing specialist engineering and maintenance services to the power, water, road and rail sectors.
United said its second half featured strong performance from the Water & Energy division, UGL Rail, UGL Resources and Singapore-based property unit UGL Premas.
The performances offset losses suffered from the Transport & Systems division, and a subdued performance from the UGL Equis real estate unit.
The fall in real estate business is understandable given the slump in property caused by the credit crunch here and in foreign markets.
United’s major competitor, Leighton Holdings is expected to produce a 30% rise in earnings when it reports on Thursday.
