Clough said the result built on a profitable second half in 2005-06 and was driven mainly by project performance in the offshore oil and gas business.

Chief executive John Cooper said the company’s Indonesian subsidiary, Petrosea, and Services & Construction again delivered earnings growth.

“However, the performance in our offshore oil and gas business is the most pleasing because we are now executing projects successfully in this major part of Clough’s operations,” Cooper said.

Revenue for the half year was $289.1 million, down on the $304 million posted in the previous corresponding period.

“Revenues in the period were in line with expectations, however were lower than the comparative period which included high activity on the G1 and Panna projects,” Cooper said.

Looking ahead, Cooper said Clough was now in a more robust position from which to expand.

“We are examining a number of options to enable us to grow and business and capitalise on the buoyant resources market,” he said.

“In particular, we are working closely with clients to take advantage of the long-term project pipeline in our key sectors and expect the second half performance to be similar to that of the first half.”

The company said while it has reported a profit, the board did not consider it an appropriate time to recommence dividend payments.