Swick profit climbs on revenue spike

Drilling contractor Swick Mining Services has lodged a five per cent increase in interim net profit, driven by a 38 per cent jump in revenue

Swick's revenue jumped to $54.7 million from $39.7 million in the previous half-year, while its net profit after tax went from $1.4 million in the first half of FY2010 to $1.5 million.

Swick managing director, Kent Swick, said the first half had been a period of strategic consolidation.

"The sale process of the surface diamond division is now complete and the company can focus on its areas of strength and competitive advantage," Mr Swick said in a statement to the ASX.

"We intend to develop a truly global brand recognised as specialist service providers that will yield strong returns for our shareholders.

"The results outlined today identify the path we are on and the position of strength we are working towards."

The stock was unchanged at 01:20PM (WST), trading at $0.38.