Finance Finance News Seven Group half year profits rise slightly

Seven Group half year profits rise slightly

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Billionaire Kerry Stokes’ Seven Group Holdings has increased its half year net profit by 2.8 per cent to $263.9 million.

However, the media and industrial services group forecasts underlying operating profit for the full year – stripping out one-off items – will be at the low end of a 30- to 40-per cent decline.

The company declared an unchanged fully-franked dividend of 20 cents.

Seven Group chief executive Don Voelte on Thursday said the group had undertaken significant cost reduction initiatives.

“And (it had) put in place the foundations for future growth across its industrial services businesses in what has been a difficult and challenging market over the past 12 months,” he said.

The company’s biggest earner, its WesTrac Australia mining services business, was affected by a 65 per cent fall in earnings before interest and tax to $97 million.

The company shares were one cent lower at $8.16 shortly after the market opened.