UPDATE 1-Australia's United Group H1 profit up 46 pct

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SYDNEY, Feb 11 (Reuters) - Australian engineering and services company United Group Ltd (UGL.AX: Quote, Profile, Research) reported a 45.7 percent rise in first-half net profit, helped by record revenues, and said it was on track for full-year profit growth of 15 to 20 percent.

Net profit was A$51.48 million ($46.4 million) for the six months to Dec. 31.

Underlying net profit after tax and minority interests was A$53.3 million, up 51 percent from A$35.3 million the previous year, which included the costs of a failed bid for a rail contract.

Goldman Sachs analysts said in a Jan. 30 note they expected underlying net profit of A$56.9 million.

United's engineering business has benefited from Australia's resources boom, and the company is looking to expand its services division. Last year it bought U.S.-based property services company Unicco for A$477 million.

"United Group continues to benefit from the long term and continuous growth in outsourcing and that trend shows no sign of abating," said Managing Director Richard Leupen.

"United Group's three main growth drivers -- increased spending in the infrastructure sector in Australia and Asia, a buoyant resources sector, and a growing global property services business -- are expected to remain strong."

He added United expects 15 to 20 percent growth in full-year, underlying net profit after tax.

United Group shares last traded at A$14.49. The stock jumped 37 percent in calendar 2007, outpacing a 12 percent rise in the broader market, but has lost 24 percent so far in 2008 amid January's heavy market sell-off. ($1=A$1.11) (Reporting by Ben Wilson)