Healthy profits for Shaft Sinkers
When miners need a deep mine shaft they go to specialist digger, Shaft Sinkers, whose shares were listed in London last December and which has just delivered maiden half-year results. Strip-out one-off items - including a £2.3m flotation bonus to staff and a £3.8m contract settlement - and the numbers look good. Underlying pre-tax profit grew 52 per cent to £8.5m and the big Styldrift project in South Africa, on which Shaft started work last year, takes much of the credit for a bigger-than-expected surge in revenue. A stronger rand added just £4m to sales and £0.2m to profits.
By Lee Wild,
31 August 2011