Corporate Express says profit down 9.2%

Office products supplier Corporate Express says net profit in the first nine months of fiscal 2010 was down 9.2 per cent, but that it is on track to deliver within analysts' forecasts for the full year.

Corporate Express said net profit for its first three quarters, to October 31, was $36.1 million, down from $39.8 million in the prior corresponding period.

Net profit in the third quarter was down 10 per cent on the prior corresponding period at $10.7 million from $11.9 million.

Corporate Express managing director Paul Hitchcock said "tough conditions" outlined at the company's interim results had continued, "with business confidence in our markets remaining subdued".

"We anticipate most of our markets will remain subdued for the near term," Mr Hitchcock said.

"We are confident, however, that the underlying business remains strong.

"With a number of initiatives now completed, Corporate Express is well placed to benefit as confidence returns to the market and the $A returns to more stable trading patterns."

Mr Hitchcock said the company expected to deliver net profit for the full year within a range of analysts forecasts, of $52.1 million to $56.1 million.

"We remain on track to deliver well within that range," Mr Hitchcock said.

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