VERBREC LIMITED — Earnings Release 2008

Aug 27, 2008

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Media Release 27 August 2008

LogiCamms Posts Strong Result, Exceeds Prospectus Forecasts

• Strong result exceeds prospectus earnings and profitability targets

• EBIT contribution from acquisition 11% ahead of expectations

• Earnings per share 17% above prospectus forecast

• Maiden dividend of 3.5 cents per share declared, fully franked and above prospectus forecast

LogiCamms Limited (ASX: LCM) is pleased to announce a net profit after tax of $2.9 million for the year ending 30 June 2008, its first annual result as a listed company.

The profit result is up 71% on the previous corresponding period and 18% above forecasts contained in the Prospectus for the Company ’ s 2007 IPO on a full year normalised basis.

Revenue for the period was $31.3 million, an increase of 61% over the previous corresponding period. On a pro forma normalised basis annual revenue was $37.0 million, an increase of 7.3% on prospectus forecasts.

Earnings per share was 13.7 cents and Directors have declared a maiden dividend of 3.5 cents per share fully franked. The dividend will be paid on 16 October and have a record date of 1 October 2008.

Managing Director Adam Keats, said the higher than expected result was driven by strong conditions in its core markets and a solid contribution from recently acquired assets.

In April 2008, LogiCamms completed the acquisition of Paterson Flood Engineers Pty Ltd (PFE), an established specialist electrical engineering and control systems firm delivering project services to customers in the Queensland market.

According to Mr Keats the acquisition is already delivering significant value to the LogiCamms group.

“ Our strategy for 2008 was to expand the company ’ s service offering, capacity and range of capabilities, ” he said.

“ The PFE acquisition has been an excellent addition to our existing operations, substantially improving our ability to service the currently buoyant resources sector. ”

Integration of the acquisition is proceeding well and profits for the four months of consolidated ownership exceeded forecasts by approximately 11%.

The total earnings for the year of $2.9 million reflected an earnings per share of 13.7 cents a 17% increase on the prospectus forecast of 11.7 cents. The value accretive nature of the Patterson Flood acquisition was largely responsible for the increase.

LogiCamms ’ underlying business remains strong. Normalised full year NPAT of the entities merged through the IPO (Logitech and Camms) was $3.4 million, slightly ahead of targets detailed in the Prospectus.

With the inclusion of the above acquisitions on a full year normalised basis, actual earnings (NPAT) for the group over a 12 month period, is circa $5.1 million on a revenue base of $47.0 million.

Mr Keats said that the company would continue to pursue further acquisitions in the 2009 financial year.

“ Our policy is to continue to search for acquisition opportunities that have the ability to build our national business. Acquisitions will only be made where we can see immediate, or within a relatively short period, increase in earnings per share by the acquisition. ”

“ We are very pleased with this result which has exceeded our expectations, ” said Mr Keats.

“ With strong conditions in our core markets flowing from demand in Australia ’ s large and growing natural resources and utilities industries, I am highly confident we can continue the strong performance into the future. ”

• ENDS –

Summary - Key Financial Results

	Summary - Key Financial Results
	Annual Financial Accounts(1)	30 June 2008 Actual	30 June 2007 Actual	Var(%)
	Operating Revenue (1)	$31.3m	$19.5m	up 61%
	NetProfit aftertax(1)	$2.9m	$1.7m	up 71%
	Earning per Share (1)	13.7 cps	N/A
	Performance againstprospectus	30 June 2008 Actual	Prospectus Forecast	Var(%)
	From listing date to 30 June 08
	Revenue (from 11/12/07) (2)	$23.5m	$16.7m	up 41%
	NPAT (from 11/12/07) (2)	$2.4m	$1.7m	up 41%
	Pro forma normalised from July 07 (3)
	NPAT(3)	$4.0m	$3.4m	up 18%
	Earnings per share	13.7 cps	11.7 cps	up 17%
	Annualisedperformance
	(12 months annualised for combined entities) (4)
	Actual Revenue (4)	$47.0m
	NPAT_(4)_	$5.1m
	Earnings Per Share_(4)_	14.3 cps

(1) The Annual report has been prepared according to Australian Accounting Standards, including AASB 3 “ Business Combinations ” . For reporting purposes, Camms was deemed to be the acquiring entity, and as such Camms results prior to the ASX listing on December 11th are included in the annual results and for comparative purposes. Therefore full year revenue and earnings in the annual report includes 12 months of contribution from Camms, 7 – – months from Logitech (11/12/07 30/6/08), and 4 months from the Patterson Flood acquisition (1/3/08 30/6/08).

• (2) Figures have been calculated based on contribution to Logicamms, from listing date on 11 December 2007 to June 30 2008 to enable comparisons to prospectus forecasts.

• (3) Pro forma normalised NPAT represents a full year of the original IPO businesses, plus profits from the Patterson Flood acquisition from 1st March 08 onwards adjusted for one off ’ s and additional costs of being a listed entity for a full year.

• (4) Based on 12 month earnings for all businesses in the group irrespective, of when they were acquired and total shares on issue at year end for purposes of the EPS calc.

About Logicamms Limited

LogiCamms Limited is an industry leading national electrical engineering and control systems company servicing the resources, energy & utilities and other manufacturing and processing sectors.

The principal activities of the group are to design, build, install, commission and service electrical control and safety systems for major projects on a coordinated and national base.

Logicamms listed on the ASX in December 2007. Following the acquisition of Paterson Flood Engineering Limited Group (PFE) and Competency Training Pty Ltd (CT), in April 2008 the company now has 7 offices throughout Australia, located in Perth, Brisbane, Adelaide, Darwin, Gladstone, MacKay and Whyalla.

www.logicamms.com.au

For further information:

Adam Keats Managing Director LogiCamms Limited Ph: 0418818073