Swick says turnaround underway

SWICK Mining Services has delivered an “earnings turnaround” after a disappointing 2017 fiscal year, with a 227% increase in cashflow and strong momentum tipped for 2018-19, as it reduced its net loss after tax from A$4.6 million to a loss of just $1 million.

Swick says turnaround underway Swick says turnaround underway Swick says turnaround underway Swick says turnaround underway Swick says turnaround underway
Group revenue was up 6% on 2016-17 to $138 million while EBITDA was up 44% to $17 million and EBIT moved from $3.6 million in the red to a narrow $400,000 in the black, supporting free cashflow of $2.1 million.
 
The drilling business was the strongest performer with an EBITDA spike of 43% to $19 million, ending the year with its strongest quarter.
 
The overall result was in line with the lower end of guidance, as a result of later than expected mobilisations of additional rigs to existing contracts.
 
Swick, Australia's Mining Monthly's Mining Contractor of the Year, is one of the nation's largest mineral drilling contractors with 69 rigs focused on underground diamond drilling delineation at o...