Ausdrill reports 53% annual profit growth

2 September 2012 (Last Updated September 2nd, 2012 18:30)

Australian mining services company Ausdrill has reported a 53% rise in net profit for fiscal 2011-2012 to $112.2m, compared to $73.3m last year.

West Australia mine

Australian mining services company Ausdrill has reported a 53% rise in net profit for fiscal 2011-2012 to $112.2m, compared to $73.3m last year.

Profit before tax was also up by 53% at $152.5m for the year ended 30 June 2012, compared to $99.5m a year ago.

The company recorded a sales revenue of $1m, an increase of 27% from 2010-2011, resulting from the group's expanded service offering to the Australian and African markets.

Similarly, EBITDA rose to $288.4m for the financial year, a 48% increase from $195m in 2011.

Ron Sayers, Ausdrill managing director, said that the company achieved revenue in excess of $1bn for the first time and recorded profits for the eighth consecutive year.

"Over the past 12 months we have grown the Group by winning work from existing customers, expanding into new markets and building our relationships with the major operators in the mining and energy sectors," Sayers added.

"Exploration drilling now accounts for just 11% of our revenues. This places us in a good position as any slowdown in the mining industry typically has a greater impact on demand for exploration services than production services."

Increased revenues from mines operated by Austdrill primarily contributed to the growth; while Connector Drilling, acquired by the company in February 2011, also played its part.


Image: Mining services provider Ausdrill of Western Australia recorded highest growth for the company during the 2011/12 FY. Photo courtesy of Bäras.