NPAT from continuing operations | 34% | $35.7m | $26.6m |
Earnings per share | 13% | 22.72? | 20.17? |
Total dividend per share | 22% | 11.00? | 9.00? |
Net tangible assets | 83% | $276.9m | $151.2m |
Diversified mining services company Ausdrill Limited (ASX: ASL) has achieved record net profit after tax of $35.7 million1 for the year ended 30 June 2008. Ausdrill's board has declared a final dividend of 6.0 cents per share (fully franked), which will be paid on 26 October 2008. Total dividends for the year increased 22% to a record 11 cents per share (fully franked).
Ausdrill Chairman Mr Terry O'Connor said that the 34% increase in profit from a 6% increase in revenue was outstanding and reflected current buoyant market conditions.
"Ausdrill continues to deliver excellent EBIT margins from its high value, specialised mining services businesses servicing blue chip clients at major mining operations," Mr O'Connor said.
"All of our core divisions made positive contributions to the record profit, with strong performances in both Australia and Africa.
The substantial equity raising that Ausdrill undertook during the financial year has enabled us to invest further in our world-class equipment fleet and the revenue and earnings benefits of that investment will begin to flow through during the current year," Mr O'Connor added.
Outlook
Mr O'Connor said that Ausdrill expects to deliver earnings growth in
2009 of at least 20-30%, while maintaining Ausdrill's traditional strong margins, as the benefits of the company's large investment in
equipment ($119 million - $71 million in Australia and $48 million in Africa during the 2008 financial year) flows into the company's earnings.
"Ausdrill is in its best ever financial and operational shape and is positioned to continue its strong performance for the foreseeable future.
Ausdrill has recently been awarded contracts worth approximately $225 million in additional revenue and demand across our Australian and African operations is at an all-time high.
These contracts mean that in its mining services businesses alone, Ausdrill has committed work in hand generating revenues approaching $1 billion, which represents over three years' work at the current run rate", he said
"In addition, during September and October 2008, Ausdrill will, as the incumbent contractor, tender on or negotiate extensions to contracts representing more than $1 billion in further revenue in Australia and Africa. This position underpins Ausdrill's future revenue and earnings providing an excellent platform from which to capitalise on the company's outstanding growth opportunities, both in Australia and Africa.
Further to work in hand and extensions currently being tendered on or negotiated, Ausdrill has identified $2.4 billion worth of work in Africa that will be tendered in the 18 months to the end of 2009, including $2 billion for clients with whom it has existing relationships.
Ausdrill is well placed to capitalise on the unprecedented demand for mining industry services globally," Mr O'Connor concluded.
For further information
Visit: www.ausdrill.com.au
Or contact:
Media inquiries:
Caroline de Mori
Purple Communications
0418 919 064
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