Sydney - Wednesday - August 27: (RWE Aust Business News) -...

Sydney - Wednesday - August 27: (RWE Aust Business News) - Swick
Mining Services Ltd (ASX:SWK) reported a net profit of $10.3 million for
the year to June 30 2008, compared with $3.9m in FY07.
Revenue was $84.2m against $38.1m.
EBIT was $15.5m versus $6.7m.
The record result highlights the company's continued ability to
successfully execute its growth strategy and capitalise on the strong
demand for high quality mineral drilling services in the Australian
mining industry.
In anticipation of further strong growth opportunities across all
of its drilling divisions, the company is forecasting revenue growth of
84pc in FY09 to $155 million.
Demand for mineral drilling services throughout FY08 remained
strong.
The rising demand has seen commodity prices increase
significantly after a decade of depressed prices and under-investment in
new mines and infrastructure.
Despite a recent softening in some commodity prices, the company
believes demand for mineral drilling services will remain strong in FY09.
Swick said revenue growth is anticipated to largely be driven by
the continued expansion of the underground diamond drilling division,
with improved contributions from both the surface reverse circulation and
surface diamond divisions and the newly established multi-purpose
division.
Despite the cost pressures being experienced in the mining
industry, the company expects to at least maintain its profitability
margins in FY09.