Shaft Sinkers says 2011 revenues grew by 20 per cent; net cash totals £6 million
Shaft Sinkers (LON:SHFT) said this morning revenues grew by around 20 per cent in 2011 to £220 million.
In a trading update ahead of the company's full-year results, it said it expects to book exceptional charges totalling £3.8 million related to IPO bonuses.
The group ended the year with net cash of £6 million, after deducting debts of £16.4 million.
The firm confirmed it will maintain its progressive dividend policy and that the payout will be covered 2.5 to 3 times.
The order book at the year-end stood at £296 million, while the company has over £1 billion-worth of outstanding tenders.
"While there can be no certainty as to the award of any of these contracts, management believes the company remains well placed to secure several of these tenders when they are awarded. The current tender pipeline is at a very high level," Shaft Sinkers said.
As the name suggests, Shaft Sinkers sinks shafts - and it does this for some of the world largest miners, although it is also active in the nuclear and hydro-electric energy sectors.
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