Decmil gains after posting $10m profit

Shares in engineering and construction company, Decmil Group finished stronger today after posting a record profit of $10 million, up from just $55,000 the previous corresponding period, after securing substantial contracts with global clients.

The company was awarded $518 million in new contracts and contract extensions during the downturn driving revenues to new heights, reaching $289.7 million for the year, an increase of 127 per cent on last year's $127.6 million.

Clients include Woodside, BHP Billiton, Rio Tinto, Chevron and FMG.

As of July 1, the company has an order book worth $384 million, of which $240 million is related to FY2011.

Decmil chief executive Scott Criddle said the company had a record year in terms of revenue and profitability and it remains in a strong position to continue its growth next fiscal year especially considering resources development activity, in which Decmil specialises, is expected to increase even further in the coming years.

Despite losing more than 1 per cent in early trading, shares in Decmil were up slightly at the close today gaining 1.5 cents, or 1.37 per cent, to close at $1.11.