The West

Matrix lifts first-half profit 29pc
Matrix lifts first-half profit 29pc

UPDATE 12.55pm: Matrix Composites and Engineering has posted a 29.4 per cent jump in first-half profit despite a 20.2 per cent fall in revenue.

The products maker for the offshore oil and gas sector attributed the fall in revenue to $65.1 million to lower output from the company's Henderson manufacturing base and delays in revenue recognition.

The company's first-half profit of $682,358 compared to $527,501 in the previous corresponding period.

Chief executive Aaron Begley described the results as pleasing given lower production output over the period because of a number of technically challenging projects which in turn affected total revenue.

"The results showcase the outcomes of our continued focus on reducing costs throughout the organisation and optimising plant production," he said.

Matrix said it had won $US30 million in new work over the period, bringing its order book to $US118 million.

"A strong market outlook for our key product and service lines persists, with the business highly leveraged to increased product demand and a falling Australian dollar," Mr Begley said.

Shares in Matrix, which have risen solidly in the past two months from 64 cents at the beginning of December to a high of $1.19 last month, were up two cents, or 1.96 per cent, to $1.04 shortly before the close of trade.

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