Tutt Bryant Group Limited (ASX: TBG) today reported net profit after tax (NPAT) from all operations of $12.8 million including $1.9 million negative contribution from its civil construction activities which were discontinued effective 12 April 2007.

NPAT on a continuing operations basis (and excluding outside equity interest) was $14.7 million, a 23.5% increase on FY'06 and representing diluted earnings per share of 15.7 cents. The result included a net contribution of $0.5 million from the aquisitions of North Sheridan in December 2006 and Muswellbrook Crane Services in February 2007.

The Directors of Tutt Bryant have declared a fully franked final dividend of 3.0 cents per share, delivering a total annual dividend of 5.5 cents per share.

Tutt Bryant Managing Director, Mr David Haynes, says that in FY 2007 the Company delivered a sound consolidated result for all stakeholders with strong second half performance.

Highlights of the Companys' annual results included:

• A rise in operation revenues from continuing operations of 14.5% to $231.1 million
• Earnings before interest, tax and amortisation (EBITDA) from continuing operations up 26.5% to $35.9 million
• Cash generated from operating activities of $21.3 million
• The acquisition and integration of Muswellbrook Crane Services Pty Ltd and North Sheridan Pty Ltd (trading as Paramount Hire Services and Pump Hire Services)
• The restructure of Kingston Industries Pty Ltd and the discontinuance of the Civil Construction division
• The successful completion of a $49 million Renounceable Rights Issue
• A reduction in the Companys' debt-to-equity ratio creating a strong fiscal management position for further growth and expansion

"Strong growth in revenue came from across the Companys' divisions, reflecting the business synergies achievable through the operational alliance between the Companys' BT equipment sales and distribution division and its crane and general equipment hire division", said Mr Haynes.

"The structure of Tutt Bryant differs from that of other crane and general equipment hire Companies. We have a diverse business platform that covers a wide spectrum of the types of industry serviced by the Group."

For complete announcement (released to the ASX 29/05/07 "Financial Results for 2007") click here