Shareholders of Advanced Holdings, the global supplier of proprietary process equipment and technologies, clean energy solutions and environmental technologies, today approved the acquisition of Applied Engineering (AEPL) for $18 million from WBL Corporation Limited.

Advanced Holdings also reported a net profit of $1 million for the half year ended 30 June 2010 (1H2010) on the back of revenue of $30.7 million. However revenue in 2Q2010 was $16.8 million compared to $24.8 million in the previous corresponding quarter (2Q2009).

As at 30 June 2010, outstanding orders of the group stood at $26.5 million. With European nations grappling with sizeable fiscal deficits and debt problems, the group expects market conditions to remain challenging as decision making by its customers in relation to the awarding of contracts continues to be slow.

The group has declared an interim, tax-exempt dividend of 0.16 cents per share. The books closure and payment date will be announced later.