Swick pays dividend on record result

Swick Mining Services will pay shareholders a maiden dividend after achieving a record first half result.

Swick today reported a revenue spike of 27 per cent for the six months to December 31, up to $69.3 million.

Net profit for the six months to December 31 was up 193 per cent to $4.4 million, from $1.5 million the previous corresponding half year, Swick said.

Swick declared  fully-franked interim dividend of 0.5 cents per share.

“The company experienced a slightly lower than expected EBITDA margin due to a number of unanticipated suspensions in our North American operations during the second quarter,” Swick said in a statement to the ASX.

“The interruption to the North American rig utilisation is expected to be relatively short with site remobilisations anticipated towards the latter part of the second half.”

AT 12:30PM WST, Swick stocks were steady at 32.5 cents.