Company news: Cardno
Cardno sold one of its subsidiary businesses, XP Solutions for USD49m. The business provides software solutions relating to flood and drainage. The proceeds will be used to further reduce net debt.
In fact, the company also announced a permanent reduction in its debt facilities from US$210m available in June, to US$108.5m. Having the lower gearing reflects the greatly strengthened balance sheet with which the company now operates.
Cardno did highlight that it expects underlying EBITDA (earnings before, interest, tax, depreciation and amortisation) for FY-17 to be of a similar magnitude to FY-16, given the continuing difficult trading environments.