PCH has an active business stream in supporting oil and gas construction work, with significant market share in Australia and a burgeoning business unit based around the Caspian Sea oil and gas sector.

The first half profit came from sales revenues of $35.2 million. Net profit before tax increased 38% to $6.1million while net profit after tax of $5.2 million received the benefit of an additional $0.9 million tax credit resulting from entry into the tax consolidation regime. Earnings per share lifted from 2.96 cents in the corresponding prior period to 3.62 cents.

Managing director, James Cullen, said activity levels had been buoyant throughout the half-year and solid contributions were received from all areas of the company’s operations.

“The company continues to experience high utilisation rates and the outlook remains positive. We are also pursuing a number of new growth initiatives, incorporating both geographical and product expansion,” he said.

“These initiatives, together with the expected continuing buoyant conditions and PCH’s expanding customer base are expected to lead to continuing further growth in the years ahead."

One of these growth initiatives is the introduction of a new formwork division. During the half year the company recruited a strong design, marketing and operations team with significant Australian and international experience. Formwork products have been sourced globally and marketing has commenced, resulting in two initial orders secured in January.

“This is a natural extension of our services which will now allow us to provide formwork products and services to our customers in Australia and overseas,” said Cullen.