* FY14 underlying profit A$45 mln vs A$45.56 mln analysts'
* Actively engaged with potential takeovers
* More efficiency gains in FY15
(Adds executive director comment, shares, outlook)
SYDNEY, Aug 21 Australian industry compliance
firm and takeover target SAI Global Ltd announced on
Thursday a return to an annual net profit from a loss the
previous year, hitting analysts' forecasts as it fields a number
of potential takeover offers.
Net profit was A$35.3 million ($32.78 million) for the year
to June 30, from a net loss of A$43.2 million the previous year.
Excluding one-off restructuring costs, net profit grew 6.3
percent to A$45.0 million, compared with the A$45.56 million
average forecast of analysts polled by Thomson Reuters I/B/E/S.
The former arm of government-contracted compliance body
Standards Australia has been in the sights of private equity
companies after two years of declining profit, culminating in
the termination of its chief executive officer's contract in May
after just four months.
The company has said it has "multiple" parties doing due
diligence with a view to takeover bids. The only named suitor,
Australian buyout firm Pacific Equity Partners, made a A$1.1
billion indicative offer in May before being joined in the
approach by private equity giant KKR & Co LP.
SAI executive chairman Andrew Dutton said the company
remained "actively engaged with a number of parties involved in
the expression of interest process", without commenting further.
Steps taken to fix inefficiencies between the company's
"siloed" business divisions will create "improved operational
leverage in FY15", Dutton added.
SAI shares rose 1.2 percent at A$4.92 in early trading on
Wednesday, below PEP's initial indicative bid of A$5.10 to
(1 US dollar = 1.0769 Australian dollar)
(Reporting by Byron Kaye; Editing by Paul Tait and Stephen