Swick books record FY08 profit

Guildford-based Swick Mining Services Ltd has forecast revenue growth of 84 per cent for fiscal 2009 after posting a record full year net profit of $10.3 million on the back of higher demand.

The company today said it expected revenue to increase to $155 million in FY09 as revenue for the 2008 financial year reached $84.2 million, up 121 per cent on the previous year.

Earnings before interest, tax, depreciation and amortisation rose 128 per cent to $23.3 million while earnings per share were up at 7.17 cents.

Net profit after tax margins increased by 20 per cent to 12.2 per cent.

Swick said the FY08 result was again driven by strong growth in the underground diamond drilling division, which contributed some 75 per cent of operational revenue, and is expected to largely drive revenue for this financial year.

The company's other divisions also delivered solid revenue results.

Cash at the end of the reporting period was at $25.3 million, up from the previous year's $12.4 million.

Shares in Swick were up eight per cent to $1.35 at 12:35 AEST.