Barminco turnaround

UNDERGROUND contractor Barminco has finished the first half of 2017-18 with a positive revenue and earnings result, showing signs it has put a difficult 2016-17 behind it.

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Aftrer the rough seas it encountered in 2017, Barminco is back on an even keel and heading back into the race after posting strong results for the second half of 2017.

It finished the six months to December 31 with a proportionately consolidated revenue of A$349 million, up from the $335.2 million it posted for the same period last year.

That led to a proportionately consolidated earnings before interest, tax, depreciation and amortisation of $75.6 million. For the first half of the 2016-17 year proportionately consolidated EBITDA was $67.4 million.

The company had $55 million cash on hand at December 31 and has an effectively undrawn $75 million revolving credit facility.