Engineering group LogiCamms has delivered a 133 per cent jump in full-year profits, on the back of a 26 per cent spike in revenue.
LogiCamms announced today a net profit of $10.7 million for the 12 months to June 30, up from $4.6 million the previous year, with revenue reaching $123.1 million.
Managing director Steve Banning said the full-year results included an income tax credit of $1.2 million, from research and development activities.
We are very pleased with the full year results which have showed that the solid foundations we built over the last 12 months are delivering,” Mr Banning said.
“Our improved earnings reflect a healthy response from our customers to the expanded offering, as well as our focus on strategy and risk management and our efforts to realise operational efficiencies.”
Mr Banning said the company had a solid foundation for further growth, with a net cash position of $16.4 million on June 30.
“The business remains agile and vigilant in light of current global economic volatility and a levelling in some segments of the resources sector.
“During this period of uncertainty we believe that our focus on longer term contracts, industry diversity, and services that target enhancing value with respect to existing assets, positions us well to respond to dynamic market conditions.”
At 12:15PM, WST, LogiCamms stocks were up 9.5 per cent, trading at $1.27.
