Team spirit attributed to achieving sound results

Media Statement

Thursday, 29 September 2011

Fulton Hogan team spirit attributed to achieving sound results

Fulton Hogan today released its 2010/11 financial results in what was described in their Annual Review to shareholders as a difficult year for many of the communities in which it operates.

Nick Miller, Managing Director explained that Fulton Hogan staff have rallied together to support local communities at their time of need.

“The 2010/11 year will be remembered for the significant natural disasters that occurred in our operating regions of New Zealand and Australia, in particular the Christchurch earthquakes and Queensland floods,” says Miller.

“While the physical damage from these events is extensive, it is the social cost that has also taken a heavy toll on the affected communities. Despite many Fulton Hogan employees being directly affected, they have all shown the Fulton Hogan spirit of coming together to help get communities back on their feet, and back on the road.

“It is this commitment to helping others that personifies our company’s values and allowed us to increase revenue and consolidate operating surplus by 14% and 13% respectively this year, in a market that continues to feel the effects of the global financial crisis.”

In the Chairman’s report to shareholders Ed Johnson announced that revenue for 2010/11 exceeded $NZ2.4 billion, with a consolidated operating surplus of $NZ104.5 million. He also noted the results were influenced by the significant investment and capital restructuring decisions approved last year in relation to the acquisition of Pioneer Road Services (PRS) in Australia and the buy-back of Shell’s shareholding.

Johnson says, “Fulton Hogan has committed significant focus on putting key elements of a long term strategy for sustainable shareholder value in place. The acquisition of PRS and its first full year of financial contribution to the Company helped realise our strategic objectives of increasing our presence in the Australia, with 59% of revenue now generated from our Australian operations.

Ed, who next year will celebrate his tenth year as Chairman of Fulton Hogan, concluded by saying that the Company’s long term strategy, combined with the significant contribution of our people who have shown remarkable courage and character in this difficult and trying year, will provide shareholders with strong confidence in the company’s ability to deliver value.

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