Coffey announces preliminary 2009 half year results

The company’s balance sheet is strong, with long term lending facilities in place. Net debt at 31 December 2008 has reduced under $92 million on the back of strong operating cashflows due to substantial growth in revenue.

It should be noted that this result is preliminary in nature and subject to final review by the company and its external auditors.

Coffey International Limited managing director Roger Olds said: “The expected result for the 2009 half year will be Coffey’s best trading result for any half year in the company’s history, even after including increased provisions for debtors due to the difficult conditions some of our clients are now exposed to.”

“This result, achieved during a period of significant economic volatility, reflects Coffey’s success and approach in building a robust and diversified business. Over the past six months we have achieved strong performances across all Coffey businesses. Our geographic diversification is definitely part of our success in these difficult times. The platform for growth strategy we’ve implemented continues to support the company’s evolution into a truly global business.

“While Coffey has been impacted by the downturn in the mining sector, our diversification strategy has allowed us to benefit from the worldwide government expenditure on international aid and infrastructure programs.

“We continue to remain focused on supporting our clients during this difficult time. With the work we have done over the past 12 months, we continue to achieve good project wins, and clients continue to recognise the value of our portfolio of specialised services. With the new senior executive team appointed and the chief financial officer and operations director commencing on 2 February, we are focused on continuing to deliver the actions needed for ongoing success.”

Coffey will release its results for the six months ended 31 December 2008 on 27 February 2009.

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Investor and media contacts:

Diana Krause, Communications Manager, Coffey International Limited
P: (+61) (3) 9473 1300; M: (+61) 420 959 942; E:diana_krause@coffey.com