Lucas announced record results for the first half of the 2008-09 financial year today.

• Revenue up 43% to $293 million
• Underlying earnings before interest and tax up 39% to $18.5 million
• Earnings per share up 1,506% to 242.5 cents
• Net profit after tax up 1,846% to $160.3 million
• Sale of interest in Gloucester Basin for net profit after tax of $153 million
• Interim dividend up 43% to 5.0 cents per share

AJ Lucas Group CEO, Allan Campbell, said the strong first half result reflected the company's strategic positioning in providing services to the energy and water sectors.

"These sectors are still experiencing growth despite the downturn in the economic activity as a whole. We have been most deliberate in focusing on these sectors as we considered them to have a recurring need for capital investment regardless of the overall health of the economic environment." Mr Campbell said.

The EBITDA of the company's expanded Drilling Services division increased by 91% to $22 million on revenue of $103 million, itself an increase of 77%, and included a maiden contribution from Mitchell Drilling, which was purchased in August 2008.

"We are very pleased with the performance of Mitchell Drilling. It is experiencing strong demand for its drilling services as the various proposed Queensland LNG export facilities, which rely on coal seam gas, move towards their final investment decisions." Mr Campbell said.

"Our Construction & Infrastructure division increased revenue by 29% to $189 million. However EBITDA was largely unchanged at $9.1 million."

"AJ Lucas Group has grown very rapidly over the past three years, with turnover trebling in this period. Senior management attention has therefore been spread thin, with operating performance suffering as a result. We have now recruited qualified senior management as well as invested in upgraded IT and systems to manage such growth."

The company's half yearly report can be downloaded here (887KB PDF file).

The presentation delivered to the market can be downloaded here (2.8MB PDF file).