Seven Group Holdings Ltd knocked from 52-week high

Shares in industrial services, media, property and investment group Seven Group Holdings Ltd (ASX: SVW) opened down 1.0% today at $18.21, after hitting a 52-week high of $18.49 yesterday.

Seven Group Holdings shares sat at $9.62 at this time last year, with the price trend steadily rising across the 12-months, with strong half-year results announced yesterday failing to excite investors for long.

Seven Group Holdings announced an underlying EBIT of $223.5 million, up 42% on the previous comparative period and ahead of guidance, up 23% on a pro-forma basis when adjusting for changes in Coates Hire and Beach Energy ownership interests.

Underlying NPAT was up 81% on the prior comparative period, with statutory net profit of $169 million materially in line with the underlying result.

Seven Group have linked the strong result to their industrial services businesses, with WesTrac’s EBIT up 35% and Coates Hire up 15% on a pro forma basis.

Seven Group CEO Ryan Stokes said the “majority of the company’s earnings and asset value” were attributable to WesTrac and Coates Hire – strong businesses units that would help to generate cash flow going forward.

Seven Group Holdings announced a fully-franked dividend of 21c per share, up 5% to be paid out on April 20.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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