Shares of gas and electricity distributor, DUET Group (ASX: DUE), fell 2% during the first hour of trade today, following the release of its 2015 full-year results this morning.
Here are five key takeaways from the report:
- Revenue from ordinary activities climbed 1.4% to $1.27 billion
- Statutory net profit after tax fell 76% to $45 million
- Net profit after tax (excluding significant items) fell 11%
- The final distribution to security holders (paid yesterday) was 8.75 cents
- The forecast distribution guidance for 2016 is 18 cents per security
Commenting on the group's results, DUET CEO, David Bartholomew, said, "Our full year result was largely in line with our expectations before one-off positive revenue adjustments booked by each of DBP and United Energy."
"We look forward to the first full-year earnings contribution from DDG's two gas pipeline projects in FY16," he added.
In July, DUET announced the acquisition of Energy Developments Limited (ASX: ENE) and undertook a $1.67 billion capital raising to fund the purchase, de-gear the business and pay the associated transaction costs.
As a result of the acquisition, which remains subject to various approvals and is due to complete in October, Mr Bartholomew said DUET looks forward to a positive near-term and long-term future. "On the back of our proposed EDL acquisition, we recently upgraded our FY16 full-year distribution guidance to 18cpss, targeting growth to 19cpss in FY18."
