Annual result to 30 June 2011

The Directors of Cavalier Corporation report an audited profit after tax for the year to 30 June 2011 of $18.2 million, an increase of 60% on the $11.4 million the previous year.

However, because the results as reported are affected by the accounting adjustments to deferred tax as a consequence of the further changes to the rules on depreciation of building and fit-outs for tax purposes - with this year's adjustment giving rise to a credit of $0.9 million to profit, compared with the previous year's $5.3 million charge - they do not reflect the actual underlying earnings of the Group.

Without these one-off non-cash accounting adjustments, the Group's normalised tax-paid earnings are $17.3 million, an increase of 4% on the $16.6 million the previous year and at the top end of the $15.8 to $17.5 million earnings guidance range previously provided to the market.