- Norfolk reiterate earnings guidance at AGM
- Update highlights the resilience of group earnings
- Moelis sees value, retains a Buy rating

By Chris Shaw

Norfolk Group ((NFK)) provides integrated electrical, communications, heating and air conditioning and fire protection services, management concentrating operations on the resources and government sectors. The focus is on building strong relationships with clients to assist in maintaining contracts.

The strategy appears to be paying off, as at the recent annual general meeting Norfolk management reiterated previous guidance for net profit after tax growth in FY12 of 10-15%. As Moelis notes, this comes off a relatively high base in FY11, where underlying earnings rose by 15%.

For Moelis the confirmation of previous guidance highlights how resilient earnings are for