Matrix Composites and Engineering has posted a tiny full-year profit of $3 million, getting back in the black after last year’s loss of $2.8 million.
The result was achieved on revenue of $158.6 million, up 9 per cent on the previous year.
The oil and gas industry products manufacturer attributed the positive result to achieving stable and improved production at its Henderson plant and stabilisation of margins on buoyancy products.
Matrix said it was benefiting from its continued focus on the subsea, umbilical, riser and flowline (SURF) ancillary equipment market.
However, it noted lower than expected demand for its well construction products.
Matrix said it remained confident that the strong market outlook for buoyancy products would translate into order conversion in the current half, resulting in continued improved earnings.
“Matrix continues to win significant volumes of new work and is now established as a supplier of choice to the major global shipyards delivering new build drill ships and semi-submersibles,” the company said.
The company said it had an order book of $US65 million.
It stood to benefit from any fall in the Australian dollar.
Shares in the company closed up one cent at $1.04.