Owens Group profit down

Transport operator Owens Group has reported a $3.3 million full-year profit, down $1.3 million, or 29 per cent, on the previous year.

The company said its operating profit after tax and before abnormals of $4.8 million for the year to March 31 was in line with a forecast it released in March. Last year's equivalent figure was $4.9 million.

The forecast dashed the group's earlier hopes of posting a significantly better result this year.

Its sales revenue was up 16.5 per cent to $446 million.

Chief executive David Ritchie said that while Owens' underlying performance and its outlook were positive, the group had been hit by volatility in the international economy.

It had also had substantial restructuring costs, chiefly in Australia, as it set itself up for future growth.

"Although volatility in global trading activities affected the operating results for the financial year, we have positive cash flow and good sales growth, and the changes we have made in Australia are for the best," Ritchie said.

"We have firmly addressed the business issues there and we expect to see the benefits now starting to flow through."

Owens will pay an end-of-year, non-imputed, dividend of 1.5c a share, down from 3c last year.