Boart reports best half in a decade

Staff reporter

The world’s largest mineral drilling contractor has reported its strongest first-half revenue and adjusted earnings in a decade against a “robust macroeconomic environment” for mining products and services.

US-headquartered Boart Longyear said its revenue for the first six months of 2023 was up 3.4% year-on-year at US$545.7 million, boosted by growth in contract drilling and sales of drilling products.

Adjusted EBITDA grew 2.2% yoy for the period to $70.7m.

Boart said the results were its best since the first half of 2013.

“During the first half of 2023, we continued to see a robust macroeconomic environment supported by electrification and green energy ultimately driving long-term demand for the mining sector,” CEO Jeff Olsen said.

“Revenue growth during the first half benefitted from solid increases within drilling services and global products.

“Both divisions delivered their highest revenue in 10 years.”

Olsen said Boart’s newly independent technology arm, Veracio, saw “meaningful revenue expansion in the United States, Latin America and Africa during the first half of 2023”.

Veracio’s $4.5m revenue for H1 2023 compared with $4.9m in FY22. EBITDA was negative-$8.7m versus last year’s $2.2m loss.


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