Revenue for the interim period increased by 13% to R19.1 billion (2010: R16.9 billion). Operating profit fell by 35% to R332 million (2010: R513 million), while profit attributable to equity holders of Aveng was lower at R274 million (2010: R416 million). Furthermore, headline earnings per share weakened by 34% to 70.6cps (2010: 106.9cps).<
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> Dividend<
> No dividend was declared.<
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> Outlook<
> The Aveng Group anticipates that the domestic infrastructure environment will remain under pressure over the short to medium term until meaningful public sector spend is more evident. The group"s two year order book indicates that approximately 77% of the work over the period will be generated by its foreign operations. The Australian and Pacific Rim infrastructure market is expected to remain strong on the back of continued infrastructure investment in the mining, oil and gas sectors. This is reflected by a 62% increase in the McConnell Dowell two year order book of R31 billion, which underpins the 24% increase in the groups construction order book to R46 billion. <
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> The Manufacturing & Processing segment is well positioned to participate in the anticipated increase in mining activity and rail infrastructure spend in South and Southern Africa and is expected to continue its improved performance over the short and medium term. Steel price volatility and the general state of the domestic infrastructure market will also continue to impact on the overall performance of this part of the business. Aveng Mining is expected to build on its current performance. The recent combination of the group"s open-cut mining, deep shaft sinking and underground mining services capabilities into a single division is aimed at improving both product and service offerings to its customers in the mining sector. <
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> Aveng remains well positioned both domestically and internationally to participate in key infrastructural growth areas, including water technology, power, rail and renewable energy.<
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