Boart Longyear Ltd
(ASX:BLY) has posted a $36.9 million net profit for the first six months, rebounding from a loss of over $6 million for the same time last year.
The turnaround has been attributed to an improved global economic outlook that has positively impacted the company’s drilling services and products businesses.
The mining products provider has increased annual revenue guidance by 40 per cent, to $1.54 billion for calendar 2010.
Looking ahead Boart says it may elect to expand through organic growth or strategic acquisition.
Boart yesterday confirmed that Dave McLemore will succeed outgoing chairman Graham Bradley.
Boart Longyear reported a loss of $16.6 million for the year to 30 December 2009.
