Swick Mining Services Limited announced unaudited consolidated and company results and operating results for the three months ended 30 September 2018. On consolidated basis, the company reported revenue of AUD 36,889,000 compared to AUD 36,364,000 a year ago. EBITDA was AUD 5,860,000 compared to AUD 3,032,000 a year ago. EBIT was AUD 815,000 compared to LBIT of AUD 1,050,000 a year ago.

The company reported Drilling Business revenue of AUD 36.7 million, up 1% over the prior corresponding period AUD 36.2 million a year ago. Importantly, Swick grew earnings before interest, tax, depreciation and amortisation (EBITDA) to AUD 6.8 million, up 93% over the prior corresponding period AUD 3.5 million a year ago, reflecting the Company's success in shifting drill rigs onto better performing contracts or new projects. EBIT was AUD 2,207,000 compared to LBIT of AUD 536,000 a year ago.

For the quarter, the company reported total metres drilled were 297,904 compared to 331,312 a year ago. Total Rigs in Fleet were 76 compared to 75 a year ago. Total Fleet Utilisation (FTE) was 75% compared to 77% a year ago.

In the short term, a three month extension of the Tanami and Mt Charlotte underground drilling services contracts (11 rigs in total) at improved rates are expected to provide further improvement in earnings in second quarter of 2019, while the client prepares for a tender process that Swick will participate in.