Cleaning and building management firm Spotless has beaten the financial targets it set before it listed on the share market in May.
Property manager, catering and laundry firm Spotless expects to achieve strong earnings growth in the year ahead after beating revenue and profit forecasts in 2013/14.
The company achieved earnings of $186 million in the year to June 30, almost four per cent above the target set ahead of its listing on the share market in May.
Costs from a restructure and the market listing resulted in a loss of $34.7 million, but that was smaller than its forecast $41.4 million loss.
The company provides facility management, catering and cleaning and laundry services, and recently won a six-year contract to manage Department of Defence facilities in Queensland and NSW that is expected to deliver $200 million in revenue each year.
Chairman Margaret Jackson said the company was confident in its future performance as it wins competitive tenders and partners with long-term clients.
Spotless confirmed it still expects earnings to grow to $301 million in the 2014/15 year, and net profit to rise to $134.5 million.
The company’s shares were up 2.75 cents, or 1.5 per cent, at $1.9075 at 1500 AEST.