Infrastructure and environmental services group Cardno said it was looking for “bolt-on” acquisitions after asset sales helped the group swing to an annual net profit of $8.6 million.
The Brisbane-based company’s profit was boosted by the sale of a software business, XP Solutions, in September for $US49 million, allowing it to move back into profit after last year’s net loss of $194.9 million.
But the company took a $19.4 million loss from continuing operations compared with a $149.9 million loss a year earlier.
Cardno chairman Michael Alscher, also managing partner of Cardno’s biggest investor, Crescent Capital Partners, said the group had made “significant progress” in completing its restructure after several troubled y…
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