Globe & Mail 08:47 AM EDT, 05/09/2023 (MT Newswires) -- Geodrill Ltd. (GEO.TO) reported Tuesday a record first-quarter revenue of US$37.6 million, a 12% year-on-year increase and the company's second-highest quarterly revenue ever.
EPS was flat at US$0.13 while EBITDA inched up to US$10.5 million from US$10.4 million.
"Geodrill has delivered outstanding results over multiple reporting periods generating impressive results in the first quarter of 2023," CFO Greg Borsk said.
"Our pace of growth continues to fortify our financial position, and is a reflection of the momentum of our growth strategy, underpinned by a strong customer base, a fleet of high performance rigs and an experienced workforce."
Geodrill said demand for drilling services has continued to increase and it expects the robust mining and exploration cycle to continue in 2023.
The company also noted that the gold price continues to provide a strong tailwind for exploration drilling, while it is expanding geographical reach and commodity diversification.