Hydraulics Company Hastie Group Grows Further

18 Mar 08

18/03/2008 - Industrial refrigeration and building services company Hastie Group Ltd has acquired two hydraulics firms in Queensland and reaffirmed its guidance of 50 per cent full year earnings growth.

Hastie will pay a combined purchase price for the two businesses, Beavis & Bartels and GTS Plumbing, of $21.5 million cash plus a performance-based fee over two years.

"These two acquisitions are the next significant step in our stated strategy to build a national commercial hydraulics business," chief executive David Harris said.

Harris said that since January Hastie had secured new confirmed orders for air conditioning, electrical and hydraulics services of almost $200 million.

These were in addition to new work in the United Arab Emirates announced in February, he said.

"Hastie remains on track to increase earnings per share by around 50 per cent in fiscal 2008," Harris said.

Hastie's full year profit to June 2007 was $22.17 million or 19.3 cents per share.

"Further strong growth is anticipated in fiscal 2009 when results will include a full year's contribution from the Rotary acquisition," Harris said.

Hastie agreed to buy UK-based Rotary Plc for about $200 million last month.

Beavis & Bartels and GTS employ about 150 people combined