Composite manufacturer Matrix Composites & Engineering has pulled through a Covid-19 drop in sales of its traditional buoyancy products for the offshore oil and gas industries.
The Perth company, which diversified its traditionally underwater composites manufactures to onshore mining sectors, has seen a rebound in oil prices generate greater activity in the oil and gas sector.
Matrix said it had received new orders for drilling riser buoyancy and other underwater components in the past month worth $5 million.
Chief executive Aaron Begley said Matrix was experiencing positive momentum as it entered the new financial year.
“We are encouraged by the award of new buoyancy projects from our traditional oil and gas market, while expanding into the local resources sector enabled us to navigate significant headwinds…and has unlocked a new avenue of growth for the business.”
Begley released figures which showed the company’s coatings business had boosted revenues by $3 million in the final quarter of FY21, compared to the previous corresponding period, while there were ‘green shoots’ in its resources businesses.
Revenue for FY21 is expected to be $17 million, with second half revenue of $9 million.
In mining the company was developing new materials for clients, including under a contract with Newcrest mining to develop composite alternatives to steel components.
A $1.5 million WA state government contract will see it develop solar powered hand sanitiser dispensers for public places.
Picture: Cameleon Coatings/Matrix products
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