Perth-based waste management company Tox Free Solutions has posted a 30 per cent boost in first-half profit to $12.4 million on the back of improvements in its industrial services operations.
Tox Free increased revenue by 14 per cent to $207.3 million and declared an interim dividend of 4 cents per share, up by 1 cent on the previous corresponding period, fully franked.
The company said industrial services to the civil infrastructure sector was gaining momentum, while services in the Surat Basin and Gladstone in Queensland continued to perform strongly.
“Each of our service lines performed well in a challenging environment where there is limited growth in the majority of industry sectors within the Australian economy,” Tox Free said.
“Waste services achieved sound growth with good performance from our east coast operations, the Pilbara region and ongoing waste volumes from the Gorgon LNG project.”
The company made 40 employees redundant during the period in effort to cut back on costs.
“Further initiatives to reduce overtime, travel and waste disposal costs have also resulted infurther savings to the group,” it said.
Tox Free shares closed 3.5 per cent higher at $2.93 per share.
