He expected to see a stronger performance in the 2017 financial year as the new strategic plan took effect and the group focused on building scale and market share in the automotive and resource services group.
Hellaby reported trading earnings of $46.8millon for the year ended June, down 21% on the $59.1million reported in the previous corresponding period.
The reported profit was down 31% to $19.6million from $28.4million, despite Hellaby booking a $2.5million non-cash gain in the year.
Revenue was down 16.4% to $55.2million from $66.1 million.
A final tax-paid dividend of 12.5c per share was declared, taking the full-year dividend to 21.5cps.
Craigs Investment Partners broker Chris Timms said that, as expected, the majority of the decline from pcp could be attributed to ongoing volatility in the oil and gas market (Contract Resources), where earnings were down more than 40%.
Footwear also continued to disappoint, with a further earnings slide in the year.
"Automotive continues to be stable, with recent performance helped by acquisitions in Australia, and we expect further merger and acquisitions in this segment in the coming months."
Non-core footwear posted its fourth consecutive year of earnings decline and was likely to require additional capital expenditure.
An announcement regarding that was expected in coming months, he said.
Contract Resources had another well-flagged disappointment and management was relatively conservative on the near-term outlook.
Recent strategic changes and a narrowing of focus were positive, and Hellaby’s dividend remained attractive at a 7.4% yield.
However, the ability of Hellaby to improve Contract Resources’ earnings back towards targets stated at time of acquisition remained the key judgement, Mr Timms said.
