He said in the company's annual report Mastermyne was well placed for growth and maintaining high safety standards in the year ahead.

"We have plans in place to grow and expand the business and importantly we are financially positioned to deliver on this," Caruso said.

"As with every financial year we expect to bring through additional revenue from projects that are working their way through the tendering pipeline.

"This base line order book will underpin the continued generation of strong cash flows and allows us to maintain our excellent capability and profitability and to be well positioned to invest in equipment and people and mobilise quickly as new projects are awarded."

Caruso said many of Mastermyne's sites had again completed their work without incident over the full year.

"We will continue to focus heavily on our safety culture and invest in training and our systems to ensure that everyone  who comes to work at Mastermyne goes home safely at the completion of every shift," he said.