Higher Earnings for DDH1
Specialist Australian drilling services company DDH1 has declared higher unaudited pro-forma EBITDA of $74.8m, which is 7.9% higher than the forecast of $69.3m contained in its Initial Public Offering Prospectus. DDH1, which listed on the ASX in March, is a profitable WA-based drilling company servicing the mining and exploration sectors, and an industry leader in deep hole directional drilling. The improved performance was mainly due to revenue exceeding forecast by about 5%, $2.3m additional training incentives received and $1.6m lower depreciation than forecasted. Managing Director and CEO Sy Van Dyk said the preliminary results, which remain subject to finalisation and external audit, reflected a strong operating environment, DDH1’s market-leading position and ability to deliver in line with its growth strategy....