He said, in the company’s annual report, that as the opportunities did present, Mastermyne’s strong balance sheet gave it the flexibility to make decisions to overhaul and redeploy its equipment.

“By maintaining our skill and capability we were able to mobilise with the right people at the right time,” Caruso said.

“We were always of the view that the work that had been deferred through the cycle would come back strongly at some point and we were focused on being ready when this occurred.”

Caruso said the company’s mining business continued to lead the way with strong performance and new contract wins. 

“The order book has benefited from the addition of two new customers in Whitehaven Coal and Peabody Coal and we have seen strong expansion in the NSW mining business, which has also balanced our exposure between thermal coal and metallurgical coal,” he said. 

“Workforce numbers have increased in line with the contract wins and we have been pleased with the availability and quality of labour to fill these positions.

“We are confident the expanded workforce will continue to promote and support the Mastermyne culture and represent our business well.”

Caruso said he expected the labour market to tighten over the next year but Mastermyne was well versed in attracting labour in tight markets.