While constrained by a shortage of working capital, revenue for FY 2016 is running at-a-year to date average of greater than $5 million per month and normalised operating EBITDA margin is averaging 5%.

Further overhead reductions and other initiatives are being implemented to drive top and bottom line performance improvement and deliver ongoing operating EBITDA margins of around 10%, SubZero Group CEO Joe Clayton said.

“It is important that SubZero continues to provide services to the Hunter Valley mining industry and we are pleased that we are doing exactly that,” he said.

“The results being achieved demonstrate SubZero’s improved business performance and the confidence that local miners have in our business strategy and our capacity to deliver.

"The recapitalisation we are working to achieve will improve our working capital and consequently generate more revenue and improved profitability.”

SubZero retains the ongoing support of its financiers and is continuing to work towards an appropriate recapitalisation of the business with discussions being held with a number of parties, Clayton said.