United Group record profit bolstered by rail arm

<p>Rail parts maker and infrastructure and services company United Group expects sales to rise almost 60% to $4bn, after revealing a record annual profit today (Monday, August 13).</p> <p>The company recorded an 18% rise in net profit to $92.7m, a figure it said would have been $148.6m but for a write-off on last year’s RailCorp public private partnership bid. </p> <p>The company continued &#8220to benefit from growth in spending by governments and the private sector on essential infrastructure, such as water, energy and transport, as well as the continued trend to outsource non-core functions such as property services&#8221, managing director Richard Leupen said. </p> <p> &#8220We expect 2008 to be another year of strong growth supported by favourable market conditions, the continued trend in outsourcing in all major markets, and increased spending on essential infrastructure,&#8221 he said. </p> <p>&#8220United Group’s $4.4bn order book and the base of renewable contracts underpin a bright future.&#8221</p> <p>The company said it had been a good year for its United Group Rail arm, which had won new locomotive sales and iron ore and coal wagon manufacturing contracts, attracting sales of $1.06bn. </p> <br />