Programmed Maintenance Services has recorded a flat half year profit despite taking a hit to revenue as a result of a slowdown in investment in the resources sector.
The company, which provides recruitment, property management and engineering services, made a net profit of $12.4 million for the six months to September 30, slightly up from $12.3 million recorded in the same period last year.
Revenue was down 4.5 per cent to $724 million, due mainly to reduced activity in Programmed's resources division.
But the company on Wednesday said an improved performance from its property & infrastructure and workforce divisions helped it maintain its profitability.
"We are pleased to have maintained profit, lowered debt and increased the dividend in challenging market conditions," managing director Chris Sutherland said.
"This result demonstrates the strength of our business model, providing services to all major sectors of the economy."
Mr Sutherland said the company expected its full year profit result to be similar to last year's.
"Overall, weakness in some sectors is being offset by growth in other sectors and, on balance, we project for the full year, a similar net profit to FY2013, with continuing strong cash flow, lower debt and capacity to pay a similar or increased final dividend," he said.
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