XRF on lookout for new acquisitions

Resources analysis equipment and chemicals manufacturer XRF Scientific is pushing forward with its acquisition ambitions after recording a 7 per cent lift in profit despite slowing resources industry spending.

XRF today announced it recorded a $3.8 million net profit in financial year 2013, up from $3.6 million in the previous 12 months.

Revenue was down 11 per cent, to $22.8 million.

The company will pay a final dividend of 1.7 cents per share.

XRF chief executive Vince Stazzonelli said the company had experienced difficulties due to the slowdown in the resources sector, but it would continue to seek out acquisitions and stoke organic growth.

XRF has cash reserves of approximately $7.2 million, and currently holds no debt.

“The board of XRF has identified that acquisitions are an important part of its growth strategy and the company is well-positioned to take advantage of any opportunities that arise in the market,” Mr Stazzonelli said in a statement.

“The board is continually assessing potential acquisitions which are evaluated against a set of established criteria to ensure they add shareholder value.”

At 1:00PM, XRF shares were down 8.8 per cent, trading at 31 cents.