Waste management company Tox Free Solutions has posted a slight increase in profit despite a dip in revenue, but has increased its return to shareholders.
Tox Free revealed a 1 per cent rise in net profit for the six months to December to $12.6 million, while revenue declined 5 per cent to $197.7 million.
The group’s earnings before interest, tax, depreciation and amortisation gained 2 per cent to $38.2 million.
Tox Free also declared an interim dividend of 4.5 cents per share, fully franked, up 0.5 cents per share compared with the previous corresponding period.
“The company’s strategy to diversify its services across all industry sectors has seen the company’s revenue continue to perform strongly within the period,” Tox Free said in a statement.
“This is particularly pleasing noting the challenges facing the Australian economy and the downturn in the resources sector.
“What was even more rewarding was the company’s focus on reducing costs and improving efficiencies has resulted in improvement in group margins overall.
“The company has also been able to pass on cost savings to our clients without compromising our values of providing our customer safe, reliable and sustainable waste management solutions.”
Tox Free shares were 4.2 per cent higher to $2.45 each at the close of trade.
