Another outstanding sporting success on the playing fields of Beijing? No, this is a business success story happening in workshops at Bassendean. The goals are similar – going for gold and silver... but Essa is adding copper, nickel, iron ore and a range of other minerals to their metal tally.
A record year has seen the mining services company surge into new geographic markets, capitalise on the mineral industry’s growing demand for innovative automation solutions and streamline their manufacturing processes.
Last week Essa released record profit results for the 2008 financial year and predicted an even stronger performance over the coming twelve months.
Fiscal 2008 saw a 37% leap in net profit with total revenue jumping by 53%. This is an outstanding performance considering Essa invested heavily in expanding its Perth warehousing facilities plus establishing and developing new offices in Germany and Brazil. These investments provide a sound platform for future growth.
Essa recorded a net profit after tax of $4.462 million for the year ended 30 June 2008 – an increase of 37% over the previous period. This full year profit was achieved on a 53% increase in total revenue from $28.9 million last year to $44.2 million. Total dividends for the year come to 5.25 cents per share fully franked.
The gold medal winner in sales is Essa’s technology division. The growth in the automation and robotics sector has been impressive and accounted for over 14% of total revenues, compared to just 1% the previous year. Essa’s dedication to developing automation solutions for commercial and mine laboratories, reflected in its heavy investment in research and development, is now starting to pay off as market acceptance for these systems grows.
The company’s manufacturing base in Bassendean continues to expand whilst striving for greater efficiency. The adoption of LEAN manufacturing principles, the implementation of ISO 9001 quality practices and appropriate outsourcing solutions maintain Essa’s focus on effective cost management strategies. Essa continues to benefit from the buoyant global resources sector and is confident that their performance in FY09 remains golden.