The mining boom has fed into mining services company Brandrill Ltd's full year net profit, which has increased 36 per cent to $11 million in fiscal 2008.
Group revenue rose by 36 per cent to $168 million, boosted by the acquisition of the Strange drilling business and the 70 per cent acquisition of DT-Hi Load Australia Pty Ltd.
DT-Hi Load sales for the period from acquisition to 30 June 2008 were $13.0 million, with a contribution to group earning before interest and tax of $1.9 million.
The Strange Drilling business, providing exploration drilling services, has been absorbed within the pre-existing Brandrill business with the combined segment, including all drilling activities, recording an increase in sales of 25 per cent or $31 million over the prior year.
Meanwhile, RockTek sales for the year were $1.3 million representing an increase of 18 per cent on the prior year.
However while the strategy of seeking a global network of distributors has been pursued, RockTek was unable to achieve a satisfactory level of sales during 2008 and as a result incurred a loss of $900,000, up from the previous year's $800,000.
Overall, the Henderson-based company achieved profit before tax and amortisation of $18.4 million for 2008, up 82 per cent on the 2007 result of $10.1 million.
"This has been another exceptional year for Brandrill. Since the company successfully relisted in late 2004, we have grown revenues by over 300% and have recorded a 700% increase in EBIT," managing director Ken Perry said.
"While the second half of 2007-08 was hampered by some start up problems at the major Pluto B civil project in Karratha, and the costs associated with recent rapid increases in staff numbers, these have now been stabilised and the core business is operating strongly at a much higher level".
