The company recorded the 10.1% improvement on the previous corresponding period as it went about “consolidating and right-sizing the business”, achieving annualised cost-savings to the tune of $34 million as sales revenue dropped 1%.

Revenue levels are not expected to continue, with a 10% decline in sales is anticipated for the 2014 full year.

Regardless of this, the company has reported a continued uptake of new contracts and a strong position in the oil and gas sector.

“We have continued to secure new work with approximately $600 million in new contracts and extensions in the first half, and a further $100 million subsequent to the reporting period, with additional awards expected in the coming months,” Monadelphous managing director Rob Valletri said.

“While mining and minerals markets have softened, bidding activity in the oil and gas market remains high and the company is in a strong position to secure new contracts in both upstream and downstream LNG developments.”

Monadelphous bases this analysis of the oil and gas sector on the large volume of LNG projects moving through the mechanical and electrical phase in the coming years, while its scrutiny of the mining sector comes as its customers pull back on capital expenditure.

The group’s total workforce took a hit towards the end of 2013, decreasing by 25.6% on a like-for-like basis from 12 months earlier to 5656.

The downsizing came as a result of the company’s restructuring as it adjusted to changes in market conditions.