Ausenco Limited (ASX: AAX), an Australia-based engineering and project management group, today confirmed that it had returned to growth in the second half of 2010.

Group revenues in the second half of 2010 have been stronger than anticipated, the company said.

Full year revenues are now anticipated to be in the range of $480 million to $520 million with over $220 million in the early stage Evaluate and Innovate phases of project work.

Second half 2010 net profit after tax (NPAT) is now expected to be between $7 million and $10 million, although it has been adversely affected by the impact of the strengthening Australian dollar, ongoing delays in anticipated project capital expenditure commitments and rescheduled delivery dates for key projects already underway.

Ausenco chief executive Zimi Mekka said the company's performance in the second half of 2010 had been significantly better than the first half, with the company winning a number of strategically important projects.

"The first half of 2010 was very challenging, but we've certainly seen an improvement in business sentiment and this has translated into a number of large project wins for Ausenco which will support the company's performance inn 2011 and beyond," he said.

EBITDA growth into the first half of 2011 compared with forecast second half 2010 EBITDA of between $16 million and $20 million.

Mr Mekka said, "The improved second half 2010 earnings represent a significant turnaround from our first half attributable underlying loss of $7.5 million and we are building a solid base for growth into 2011 and 2012."

According to him, Ausenco has taken additional steps to reduce costs and is still awaiting the outcome of US$22 billion of submitted project tenders and Evaluate and Innovate phase work that is expected to underpin revenue growth into 2011 and 2012.

"Our balance sheet and liquidity remain strong, and we have low net gearing with significant bonding and funding capacity," Mr Mekka said.