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  • Ausdrill, now Perenti Global, has announced it has done better than expected with a statutory net profit after tax of approximately $181 million
  • The company exceeded market guidance by five per cent
  • It recorded a statutory revenue of $1.6 billion

Ausdrill, now Perenti Global, has announced it has done better than expected with a statutory net profit after tax of approximately $181 million.

Perenti has exceeded its market guidance by five per cent with an underlying net profit after tax of $103 million.

The company recorded a statutory revenue of $1.6 billion, which is up 89.1 per cent compared to last year which it reported as $866.3 million.

Perenti reported it secured more than $3.4 billion in new work since June 30, 2018 and increased its Australian revenues to $900 million, a $400 million increase.

Throughout the 2019 financial year, the company had a name change and acquired a leading underground contractor, Barminco. It also had the first female mining engineers working underground in India.

CEO Mark Norwell said the FY19 results demonstrated the scale of the company’s transformation during the year.

“This strong result demonstrates our ability to continue to deliver for our clients in the year whilst ensuring we successfully integrated the Barminco business,” he said.

Mark said the changes this year was to apply the company’s 2025 strategy of becoming the indispensable mining service.

“Our recent group rebrand to Perenti gives us a strong and identifiable brand in the market and a platform to grow our business in the future while the evolution of our tagline to Expect More supports our aspiration and purpose, underling our commitment to deliver for all our stakeholders,” Mark added.

Perenti started in Kalgoorlie in the 1980s and has grown into one of the largest companies in the world offering both surface and underground mining solutions.

The company has entered FY20 with a $7 billion order book and targets a Net Profit After Tax for 2020 of around $140 million. Perenti expects an increase in capital expenditure of $295 million to support the delivery of recently awarded contracts.

“With a strong balance sheet and an order book that has grown to $7.0 billion after securing $3.4 billion in new and extended contracts since 1 July 2018, Perenti is well positioned for growth in FY20,” Mark said.

Ausdrill has gained 10.43 per cent today, selling shares at $1.93 per share at AEST 11:47 am.

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