Brickworks Limited has announced a steady financial result with Normalised Net Profit After Tax (NPAT) of $110.2 million for the full year ended 31 July 2010.

The result compared to $113.7 million for last year. After non-regular items, Brickworks' Headline NPAT was $138.8 million, down 54.5 per cent from $305.2 million recorded for the previous corresponding year.

Directors have declared a final dividend of 27 cents fully franked, taking the full year dividend to 40 cents fully franked; an increase of 1 cent on the previous year. The payment will be made on 1 December 2010.

Brickworks chairman Robert Millner says: "It is a testament to our business that we have been able to raise our dividend again this year. Our focus on diversification, thereby spreading the risk across the business, has once again paid off for our shareholders.”

The Building Products Group achieved earnings before interest and taxes of $53.4 million for the year ended 31 July 2010, up 44.3 per cent from the previous year.

Recent acquisitions in the precast concrete panel industry, including Girotto and Gocrete for $13.8 million last month and Sasso Precast Concrete for $35.3 million in March - now all branded Austral Precast - have diversified the Building Products Group offering and increased Brickworks' exposure to the commercial and industrial construction markets.

The company says the outlook for Building Products in the long term is positive, however in the short term demand is softening as the government stimulus work subsides.

Its greatest concerns are markets in the resource states of Queensland and Western Australia due to high rental vacancy rates and poor affordability. The company says the often touted housing shortage is in the main a shortage in Sydney, held back by a supply of affordable land. Continued demand from investors and upgraders is essential to a sustained recovery in dwelling construction.

Meanwhile, industrial and commercial construction markets appear to be running a similar path to the housing markets in each state.

Brickworks expects to post another solid result in the coming year, supported by the company's diversified model.