THE impact of the global economic crisis has prompted Lycopodium and Swick Mining Services to revise their full-year profit guidance.
THE impact of the global economic crisis has prompted Lycopodium and Swick Mining Services to revise their full-year profit guidance.
Lycopodium expects its 2009 financial year net profit to reach $12.4 million, down from earlier estimates of $14.7 million.
The revised guidance includes $2.1 million from the sale of its Belmont properties.
Lycopodium expects its full-year revenue to be marginally higher at $141 million, up from previous estimates of $139 million.
Meantime, Swick expects its revenue for fiscal 2009 to nearly halve from early estimates to $85 million.
However, it said it expects its earnings before interest, tax, depreciation and amortisation margins to improve after one-off costs weighed down its interim EBITDA margin of 20.8 per cent.
The revised forecast comes as Swick revealed its drill rig usage is near record highs achieved in September last year, with 37 out of 40 rigs currently being used.
Earlier this year, drill usage fell to a low of 22.
"The return of 15 rigs back to work so far this calendar year is an excellent achievement, at a time when competition for work has been extremely fierce," managing director Kent Swick said in a statement.
Meantime, the company will limit new capital expenditure on additional drill rigs in fiscal 2010 as it moves to focus on maximising the use of its existing fleet.
CARNEGIE'S WAVE MOVE
CARNEGIE Corporation is set to acquire all of the intellectual property and global development rights for the CETO wave energy technology under a deal with its UK-based joint venture partner.
Under a binding agreement, Carnegie will issue 252 million fully paid shares to Renewable Energy Holdings (REH), making the latter the largest shareholder in Carnegie with 35 per cent.
The deal with REH opens up the Northern Hemisphere to Carnegie, which previously only held the licensee rights to the Southern Hemisphere.
The agreement also releases Carnegie from an existing £1 million ($A2 million) payment that was part of the initial licence agreement.
The transaction is subject to shareholder and Foreign Investment Review Board approvals.
The CETO technology uses submerged units anchored to the sea floor that move with the motion of passing waves, driving the pumps which in turn pressurise seawater that is delivered ashore through a pipeline.
