Whitestone Contracting Ltd’s long record of solid financial performances has continued.
Board chairman Michael de Buyzer, chief executive Glenn Campbell and corporate services manager Tony Read presented the Waitaki District Council-controlled company’s half-yearly report for the six months ending December 31 to councillors at a meeting of the full council earlier this week.
It reported a pre-tax, sponsorship and subvention profit of $590,557 on revenue of $11.78million.
That resulted in a net profit of $401,240, well up on the $211,027 reported in the six months to December 31, 2017.
While revenue dropped about $700,000, thanks largely to greater investment in plant and equipment, the company operating expenses were also significantly lower than the previous period by about $870,000, dropping from $12.059million to $11.187million.
Mr de Buyzer said the company was on track to report a strong end-of-year result in 2018.
“The first six months of the current year have been quite solid. We are trucking along in a similar sort of financial position to last year.”
However, he noted that a “couple of meaty projects” would be needed if the company was to continue to grow its profits over the next two to three years.
In a statement, Mr Campbell said the company had a “strong forward workload” and was looking to “capitalise on new business and niche markets”.
The company had recently invested in a hydrovac truck, which uses pressurised water and a vacuum to loosen and remove debris, which he said was part of the company’s “strategic focus”.
“A new hydrovac machine is due to be delivered in the next week that will allow the excavation around utility services to be performed in a safer and more efficient manner. This machine will operate within the core business activities, as well as being available for hire.”
The company had also invested in a new guardrail installation machine, fitted with a GPS guidance system, to be used for road safety improvements, Mr Campbell said.