SINGAPORE: Diversified mining services company Ausdrill Limited (ASX: ASL) has delivered a strong financial result for the six months ended December 31, 2018 following the transformational acquisition of Barminco.
The underlying results include two months of contribution from Barminco and its additional 50 percent share in AUMS that were acquired on October 31, 2018. On a proforma basis, and to enable comparison, had the group made the Barminco acquisition at the start of the financial year the underlying proforma net profit after tax (NPAT) would have been $55.2 million.[the_ad id=”32940″]The Group’s statutory NPAT for the period was $217.0 million. This increase in the statutory result is due to a significant uplift from one-off, non-cash items relating to the accounting treatment of the acquisition.
Ausdrill Managing Director, Mark Norwell, said the half year results demonstrated the strength and diversity of the expanded Ausdrill group. “The new Ausdrill delivered both revenue and profit growth in the six months.
“Importantly, the expanded Ausdrill group also secured over $2 billion in new work since July 1, 2018 and successfully integrated the Barminco business, ensuring the Company is set to deliver on its FY19 guidance and is well positioned for FY20.
“Looking forward, we now have a more diverse and less capital-intensive Group and have achieved this whilst maintaining a strong balance sheet that supports dividends and provides the flexibility to deliver on the strategy that has now been established.”