Swick's slick September

HAVING delivered an earnings turnaround after a disappointing 2016-17, with a 227% increase in cash flow for the first half, Swick Mining Services said its momentum had carried it to improved earnings for the first quarter of 2018-19.

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Swick wants to dominate deep drilling.

The flagship drilling business delivered EBITDA growth of 93% based on the September 2017 quarter to $6.8 million from revenue of $36.7 million, success in shifting drill rigs onto better performing contracts or new projects.
 
Based on group revenue of $36.9 million and EBITDA of $6.8 million, total EBIT was $815,000 compared to a $1.1 million loss a year ago
 
Managing director Kent Swick said the turnaround was a result of improving rates for its rigs by renegotiating contracts or moving rigs to better performing sites, driving cost efficiencies across the business, and increasing utilisation to an average of 75%.
 
It has two final contracts requiring rate adjustments temporarily extended for...