It increased the number of workers by 43% to 739 in the half year ended December 31, 2010.

The company is seeing its major customers increasing their focus on underground assets and its order book for the second half of the financial year 2011 remains fully contracted to meet the prospectus forecast with the FY12 order book increasing from $105 million to $138 million, said chief executive Tony Caruso.

“The outlook for Mastermyne remains positive,” he said.

“There are several short-term opportunities to increase capacity at existing projects and the company will focus on this organic growth.”

Underlying NPAT for the December 2010 half year was $4.55 million after allowing for the one-off events of tax consolidation and writing off a continuous miner hired out to the Pike River mine in New Zealand and related debtor s.

The Oaky Creek conveyor project and the Moranbah North roadway development project have been successfully mobilised and are close to full manning, Caruso said.

Expansion in the Hunter Valley region of New South Wales is also gaining momentum and recurring work is increasing.

“Of most significance has been the recent announcement that the underground division has been awarded preferred tenderer status on a large roadway development contract in the Hunter,” he said.

“This will provide the springboard for further growth in this region.”

Mastermyne Engineering has also experienced good growth to December with the last four months producing record throughput in both the Queensland and NSW workshops.

Both workshops are being relocated to larger premises to accommodate the growth in this area of the business.

Mastermyne Services completed the installation of two conveyors at BHP’s Crinum North Mine in the period.

Mastermyne’s recently established training facility has added more than 50 people to the workforce.

“The training centre continues to gain industry recognition for the high-quality employees and the quality of training delivered,” Caruso said.

“Domestic and overseas recruitment are both working well and the company has identified and tapped into skilled workers from similar sectors. The group forecasts to have a workforce of in excess of 1000 people by the end of the financial year.”

Mastermyne plans to double the size of the business within the next five years through continued business development focus in the Hunter Valley region to expand market presence in this area and the placement of the first directional drilling rig with a view to further drill rigs being introduced.

It will also be expanding the range of services offered.