Diversified mining services company Perenti achieved $1.73 billion in revenue in the last six months of 2024, setting a new half-year record.

The company reported underlying EBIT(A) of $155 million for the half year, a 3 per cent increase on the previous six months, and said it was on track to meet FY25 guidance.

“At Perenti we continue to demonstrate the strength and resilience of our business model to generate consistent cash-backed returns through fluctuations in commodity and market cycles,” managing director and chief executive officer Mark Norwell said.

“This resilience comes from establishing a global and diversified portfolio of mining services and our scale, particularly in underground mining and drilling.

“The strong free cash flow generated by contract mining and drilling services has allowed the reduction of gross debt during the period, ongoing share buybacks and the declaration of an increased interim dividend.

“The drilling services division, formed in FY24 from the combination of Ausdrill and the four DDH1 businesses, is now showing clear cost synergies, in addition to the cash tax synergies.

“The increased scale of the division is evident when in December 2024, Perenti Drilling Services was reported to be the second-largest global drilling group when measured by total metres drilled.

“The division is operating well and is positioned to capitalise on increasing exploration activity expected in the coming months.”

The company reported its current work in hand stood at $4.7 billion and said it had visibility on a pipeline of potential work totalling $17.1 billion.

This order book includes the recently won Goldrush Underground project for Nevada Gold Mines, representing the first underground contract mining project for Barminco in the USA.