Spotless boss hits back at the doubters

Spotless Group Holdings chief executive Bruce Dixon has hit back at scepticism about the company’s quick turnaround under private equity owner Pacific Equity Partners, as the company capped its return to the ASX by beating the revenue and profit forecasts in its prospectus.

Spotless reported pro forma net profit of $106. 6 million for the 12 months to June 30, beating its prospectus forecast by 3. 1 per cent. Revenue was 2. 3 per cent higher at $2. 62 million. Statutory profit was 16. 2 per cent ahead at $106. 6 million.

Mr Sundram has noted Spotless now needs to deliver on its prospectus forecast for statutory earnings of $134. 5 million in the current financial year before the stock is likely to rerate significantly higher.

Spotless now needs to secure less than $100 million of new contracts to meet its prospectus forecast for statutory earnings of $134. 5 million in the current financial year, ended June 2015, he said.

Read more here: SMH

    

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