UPDATE 1.20pm: Shares in Diploma Group jumped after the construction and property development company posted a first-half profit of $1.9 million, up 239 per cent on the previous corresponding period.
The result was achieved on revenue of $112 million, up 34 per cent on its previous result.
The company said it had reduced its debt from $11.3 million to $6.8 million during the period.
Diploma's managing director Nick Di Latte said the result is very pleasing given the hard work and commitment shown by senior management to turn the company around and improve on the profit recorded at June 30 last year.
"The continued profits, recapitalisation of the balance sheet and the current forward order book puts the Group in a strong position for FY14, which will enable the company to build on this result into FY15," he said.
Diploma reiterated full year guidance of EBIT of $7 million after posting first half EBIT of $3.3 million.
The company said it had a pipeline of new construction work with new and existing clients to the value of $478 million.
Diploma shares closed up 0.7 cents, or 21.88 per cent, at 3.9 cents.