Snippets Corner: 30 October 2009 – CRG, AWB
October 29, 2009
Crane Group Limited (CRG) forecast a full-year profit 30% below that was recorded in FY09 based on first quarter trading and the expectation of continuing difficult market conditions. The pipeline system manufacturer and distributor of plumbing supplies said improved performances in Tradelink and Industrial Products are expected to be more than offset by tougher trading conditions in Pipelines and CDNZ, and an expected lower contribution from the Mitchell joint venture. Crane said the impact on trading would be most pronounced in the first half compared with the strong performance last year prior to the economic downturn, with profit after tax expected to be down about 50%. The company forecast cash flow for the full year to be strongly positive, with gearing at 30 June 2010 expected to reduce to 23%.
AWB Limited (AWB) said it had completed the $241 million retail component of its capital raising, with the new shares to commence trading on 2 November 2009. The company said the total raised was $459 million, including the $218 million institutional component. The company undertook the capital raising to reduce debt, strengthen the company’s balance sheet and to provide additional financial flexibility.
AWB Limited (AWB) said it had completed the $241 million retail component of its capital raising, with the new shares to commence trading on 2 November 2009. The company said the total raised was $459 million, including the $218 million institutional component. The company undertook the capital raising to reduce debt, strengthen the company’s balance sheet and to provide additional financial flexibility.
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