Master Drilling revenue increased 17% to $155.8m, while operating profit remained flat at $26.2m due to project delays, client-driven schedule changes, and equipment availability constraints. USD HEPS increased 16.7% to 11.2c, while ZAR HEPS rose 4.1% to 183.9c. Cash generation was weak at $1.9m as working capital absorbed cash alongside the revenue increase, while interest-bearing debt rose to $69m from $60.4m and gearing increased to 14.9%. The main positive is the sales pipeline more than doubling to $1.06 bn and the committed order book increasing to $401m from $306m.
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