With average fleet utilisation above 80% across its growing client base, Aquirian reported solid results despite the period being significantly impacted by COVID-19-related issues.

EBITDA of $2.75 million was up 58% on FY21, with operating cashflows of $2.1 million also up considerably by 69% on FY21.

Aquirian's technology products and services division brought in revenue of $2.44 million, up 57% on FY21.

The people services division was impacted by border closures and the resulting tight labour market, however, this was offset by increased revenues through underground fleet rental, technology product and services sales and the acquisition of Cybem.

At June 30, Aquirian had cash in hand of $7.99 million.

Aquirian managing director David Kelly said despite the macroeconomic factors impacting all sectors of the economy and market sentiment generally, the company was confident the fundamentals driving demand for its varied services and multiple business units was strong.

"We are really pleased with our, demonstrating the capability of our team and resilience of our diversified and growing business," he said.

"We have seen strong growth in technology product and service revenue driven by our Collar Keeper system launch in April with sites in WA and Zambia."

Kelly said the acquisition of Cybem strengthened Aquirian's maintenance capabilities and expanded its service offerings to existing customers.

He said customer growth across both mining services and people services divisions continued to accelerate over FY22, with more than 10 customers now working with at least three of Aquirian's brands and more than 20 customers working with at least two of the brands.

"This customer cross-pollination across business units is central to Aquirian's strategy of delivering best practice client solutions via a single touchpoint," he said.

Aquirian expects to generate $26-28 million revenue in FY23.

Shares in the company closed at 31c yesterday, valuing the company at just under $25 million.