Diploma has enjoyed a solid start to the new financial year and recently reported strong FY10 results including Net Profit After Tax of $10.04m and a dividend of 2 cents per share. We are also set to embark on an on-market share buy-back which has been very positively received by the market.
Diploma recently commenced construction on a $17.5m apartment development in Midland after securing 80 percent pre-sales and has announced plans for a new $60M apartment development after receiving planning approval from the City of Rockingham. The development pipeline exceeds $500m and construction work in hand is in excess of $320M.
The share buy-back is evidence of management’s belief in the performance of the organisation and that Diploma is in a solid position moving forward.
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