Melbourne, Australia-based crane and aerial work platform specialist Boom Logistics reported a 25 percent profit increase for its fiscal first half year ended Dec. 31. The company reported a net profit of AU$19.6 million (about U.S. $15.5 million). Earnings before interest and tax was AU$33.8 million (about U.S. $26.7 million), up from the previous corresponding period’s AU $26.2 million.
The company announced the retirement of chief executive Ron Harmon, who will leave the company June 30 to pursue business interests within the IT industry, the company said. The company’s finance director Mark Lawrence will replace Harmon.
Harmon said the outlook for the remainder of the year is positive and that the second half will be driven by strong demand from customers in each of the company’s core business sectors. He added that the company’s recent acquisition of the James Group, a crane rental and sales business, is progressing well.
Revenue for the half year was AU $170.4 million (about U.S. $134.4 million), up from $121.9 million for the previous year’s first half, a 39.8 percent boost.