“The results reflect the continuing strong conditions and performance across virtually all sectors in which the company operates,” said James Cullen, managing director of PCH Group.

“Trading conditions continue to be buoyant and the outlook is positive over the next several years. The company has work on hand in its overseas oil and gas operations until late 2007 and is well placed to continue benefiting from significant levels of new investment in major Australian resource projects.

“In addition we are expanding rapidly on the east coast of Australia while the Western Australian housing sector activity is similar to that experienced during the pre-GST boom,” he said.

The annual figures were boosted by a strong first half which resulted in a profit $4.1 million after tax, includes a one-off tax credit of $1 million (associated with entry into the new tax consolidation regime).

PCH said one of the key achievements in the December half was the securing of substantial long-term work at its Caspian Sea operations which have laid a strong foundation for company earnings out to December 2007.

Most recently the group received a letter of intent in relation to the hire and installation of scaffolding for the $645 million Burrup Fertilisers project.

The company’s operating cash flows enabled it to both increase stock levels and eliminate net debt during the year. The profit figure was achieved on a 45% increase in sales revenue to $49 million while EBITDA increased 51% to $11 million.