Fulton Hogan lifts sales by 14% in year of investment in Pioneer, share buyback

Thursday 29th September 2011

Fulton Hogan said annual sales rose 14% in a year marked by the costs of buying back Shell New Zealand’s stake in the closely held construction firm and acquiring the remainder of Australia’s Pioneer Road Services.

Sales were more than $2.4 billion and the company’s consolidated operating surplus rose 13% to $104.5 million, the company said in a statement.

As a private company, Fulton Hogan isn’t required to publish its financials and it hasn’t previously heralded its annual results. Details of the results weren’t immediately available.

Chairman Ed Johnson said the results were “influenced by the significant investment and capital restructuring decisions approved last year” in relation to the acquisition of Pioneer and the Shell buyback.

With the acquisition of Pioneer, the company now generates 59% of its revenue in Australia, he said.

BusinessDesk.co.nz

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