Waste management and industrial services company Toxfree has reported a 33 per cent jump in net profit to $10.5 million for the first half of the financial year.
WA-founded Toxfree saw revenue rise 43 per cent to $131.6 million with earnings before interest, tax, depreciation and amortisation up 39 per cent to $28 million.
Some of this growth was as a result of the acquisition of Absolute Liquid Waste Services based in Toowoomba which has allowed Toxfree to expand into the coal seam gas industry in Queensland.
Toxfree saw continued strong performance of contracts linked to the resources sector in WA.
The hazardous waste and general waste divisions performed particularly well with Toxfree’s hazardous waste revenue soaring 95 per cent from $15 million in the first half of 2011 to $30 million.
In reporting its earnings Toxfree placed particular emphasis on the performance of its waste contract with Toll Energy from the Gorgon LNG project on Barrow Island.
Toxfree expects continued growth with expanding operations in Tasmania and a focus on capitalising on current contracts.