SNL expects 50% FY11 profit rise

SNL expects 50% FY11 profit rise

Vehicle parts supplier SNL (ASX:SNL) said its unaudited results show a roughly 50% increase in FY11 net profit to $2.5 million.

SNL (Supply Network Limited) revealed in a market update that its revenue is thought to have grown 17.2% on the prior year to $50.5 million.

Ebit is estimated to have grown by $1.2 million to $3.8 million – the top end of SNL's revised guidance for the year.

In April, SNL had lift its forecast ebit range to $3.5 million and $3.8 million, from the previous outlook of between $3.1 million and $3.3 million.

At the time, the company said revenue growth in Australia and New Zealand had been stronger than expected.

As a result of the expected growth, SNL directors said they had decided to suspend the current dividend reinvestment plan, and pay out a dividend for the year of 3 cents per share in late September.

Audited results will be published in late August.

SNL shares fell 3.08% in Wednesday's trading to $0.630. The shares had closed out Tuesday 4.84% higher at $0.650.

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Tags ASX:SNL automotive dividends Guidance SNL

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