This is a turnaround from the 2010-11 financial year when the company managed a profit of only $83,301 due to repercussions from the global financial crisis.

The latest result is a record for the company; its previous highest profit was $1.6 million in 2008-09.

The result could have been better had it not been for the Australian dollar rising 30% against the US dollar and 41% against the Euro.

Scantech managing director David Lindeberg said the company had been able to record excellent sales, margins and profits in FY12 as it continued to improve efficiencies.

Lindberg said the high Australian dollar had affected the company’s competitiveness, meaning it had to cut Australian dollar prices to win orders.

The company finished the fiscal year with cash and term deposits of $5.2 million. It paid shareholders a 10c a share dividend in March.

Lindberg said Scantech continued to draw its revenues from coal, minerals, cement and services to those industries.

“Each revenue stream is contributing to our results, with the service revenue recording the highest growth,” he said.

“The company had made a most encouraging start to the new financial year with forward orders for equipment totalling $7.7 million and the services division – which offers design, installation and radiation services to existing and new Scantech customers – also holding orders in excess of $1 million.”

Scantech analysers allow operators to better use their available resources and hence reduce operating costs, reduce waste, minimise water use in washing processes and cut emissions.