Swick drilling more metres

SWICK Mining Services recorded an increase in metres drilled in the December half, and is busy enough that it is not seeking new work.

Swick drilling more metres Swick drilling more metres Swick drilling more metres Swick drilling more metres Swick drilling more metres

The company drilled 654,450m, a 9.4% increase excluding its discontinued long-hole division, while revenue per metre rose by 7.5%.

Swick posted a half-year net loss after tax of A$1.2 million due to one-off costs associated with the simplification of its management structure, which resulted in the removal of six senior roles.

Half-year revenue rose by 9.7% to $71.1 million, while earnings before interest, tax, depreciation and amortisation dropped by 9.9% to $7.2 million and margin dropped to 10.1% from 12.3%.

The drilling business posted EBITDA of $8.1 million, largely in line with the previous corresponding period, while increased spend in the mineral technology business contributed to a...