Driller Swick in the black for first time in five years
Drilling contractor Swick Mining Services has snuck into the black for the first time in five years with improved performance from its base drilling business held back by investment in new ore-scanning technology.
The Guildford-based firm achieved a net profit after tax of $1 million for the 12 month to June 30 - after a $1 million loss the year before - on the back of a 4.5 per cent jump in revenue.
Swick managing director Kent Swick said the contractor’s focus was on successfully deploying new rigs to recently secured contracts.
“As deeper and more difficult drilling continues to increase, we see growth occurring with the development of our specialist DeepEX division,” he said.
Mr Swick said he expected revenue from Swick’s Orexplore mineral scanning technology to start coming through.
Dividends have restarted with the declaration of a fully franked final dividend of 0.6¢.
Swick rose 0.5¢, or 2.0 per cent, yesterday to 26¢.
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