Synertec Corporation Ltd (ASX:SOP) has released its December half-year report revealing substantial growth in revenue, up 173% to $12.8 million on the prior December half.
The company cited the award of several large and strategically important projects during 2017 and 2018 as the catalyst for the top line growth.
Net cash generated from operations grew to $1.2 million, increasing the company’s cash position to $6.2 million.
Synertec is a multi-disciplined engineering consulting firm providing services to industries including oil and gas, pharmaceutical, petrochecmical, and defence.
Synertec’s managing director Michael Carroll said: “We developed the core of our growth strategy several years ago, with both the regional and global economic environments as a backdrop, as well as the major engineering opportunities which were emerging.
“We examined industries, clients and areas of engineering know-how that we believed would logically complement our traditional areas of expertise and our competitive advantage.
“This would provide another springboard for the long-term growth and development of the business and our people and would ultimately provide healthy and sustainable returns to our shareholders.
“The acquisition, ASX listing process and introduction of the board in 2017 has challenged, reinforced and enhanced our strategy, and the progress we have made in the first half of financial year 2019 is testament to that original vision.”
Well positioned to capture upside
Carroll added: “Our business remains well positioned to capture improving market conditions in all of the industries we service.
“As we move further into FY19, the Group remains focused on striving to exceed client expectations and deliver all our work in a timely, safe and efficient manner.”