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Programmed Maintenance (ASX:PRG) has 3 divisions, Integrated Workforce, Property & Infrastructure and Resources

Leyland Private Asset Management

Trusted and Confidential Asset Management Advisors

Programmed Maintenance (ASX:PRG) has 3 divisions, Integrated Workforce, Property & Infrastructure and Resources. Although revenue in the Workforce division was lower at $372.8 million ($407.1m 2013), EBIT was more consistent at $10.5million ($10.7m in 2013) due to cost savings. In 2014 the Property & Infrastructure division saw increased demand from governments due to outsourcing. Improved systems also saw the group able to increase profitability even as revenues stayed flat (Revenue of $751.9m vs. $751.7 pcp. EBIT of $28m vs. $23.1m pcp). The Resource division has seen a drop off in revenue and EBIT this year but continued to win new business. Trading on a PE of just 10x earnings (compared to the markets 15x), and paying a fully franked dividend of 6.5% Programmed is a quality business that is paying an attractive yield. Our monthly newsletter is available here: (VIEW LINK)

Leyland Private Asset Management
Leyland Private Asset Management
Trusted and Confidential Asset Management Advisors

Founded in 2003, Leyland Private Asset Management is an independently owned firm specialising in Australian Stock Market and Fixed Interest Investments for individuals, companies, self-managed super funds, institutions and family offices.

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