Neptune doubles net cashflow in June qtr

A string of contract wins has helped to double Neptune Marine Services' net cash flow in the June quarter to more than $16 million.

In its quarterly report released today, Neptune reported a net cashflow of $16.3 million, with $30.9 million achieved for the 2009 financial year.

Revenue over the quarter was $46 million, boosting total revenue to $189 million.

Chief executive Christian Lange said the quarter was highlighted by the more than $30 million worth of new contracts the company had secured.

""Our ability to secure contracts such as these has contributed to the high levels of organic growth that the business has experienced during the year," he said.

"Additionally, they also confirm that our unique service offering coupled with our expanding geographical presence and proven track record will help drive the growth of the business into the future."

Full financial year results will be released next month.