Bullish commentary on the housing sector from Adelaide Brighton CEO is underpinned by a fully franked special dividend

Bullish commentary on the housing sector from Adelaide Brighton CEO is underpinned by a fully franked special dividend. The Company has reported record revenue on the back of project work and the resources sector. Excluding a $7.6 million one-off gain in the pcp, net profit was up 3.9% on sales growth of 3.8%. Shareholders will receive a final dividend of 9.0 cents plus special 3.0 cents (total 2013 dividends 19.5c fully franked). There are two factors that stand out from the commentary and result show an underlying level of confidence in a cyclical housing recovery. Firstly, outlook commentary from CEO Mark Chellew, Modest growth in underlying net profit on healthy sales is encouraging... the recovery of residential demand has only just begun. Secondly, the special dividend is reflective of management/business confidence in the economy and the operating environment. Media release here: (VIEW LINK)