Earnings before interest, tax, depreciation and amortisation for the six months were down 32% compared to the same period in the previous year at $29.7 million, reflecting weaker market conditions.

The company’s rail and transport business marked a 49% decrease in revenue for the period, at $74.7 million, with the completion of a number of major projects and delays to project decisions.

Half-year minerals and energy revenues, however, increased 40% year on year to $274.7 million, driven largely by the company’s G&S Engineering business, which maintains a major presence in the Queensland coal industry.

Calibre emphasised the successes of its diversification strategy, noting a 2.7% year-on-year lift in revenue for the six months to December to $378.3 million.

“It was pleasing to achieve a sound result in current market conditions,” Calibre managing director Peter Reichler said.

“Calibre’s long-term client relationships, increasingly diversified revenue base, and continued focus on cost management and cash flow has helped provide resilience as market conditions remained subdued.”

The company said improved operations and working capital management helped it record a net operating cash flow of $49.3 million for the half year compared to $13.6 million during the same period a year earlier.

Debt was reduced by 90% over the period to $2.1 million and cash held as of the end of December was $50.3 million ($61.5 million in the previous corresponding period).

The company forecast continually soft market conditions for the second half of fiscal 2014 and full-year revenue in the range of $670-690 million.

“Notwithstanding the subdued conditions, we believe Calibre’s strong client relationships, increasingly diversified business and revenue profile, expanded service offering and increased flexibility in how it engages with clients on projects will provide some resilience as well as sharpen our ability to respond to new opportunities,” Reichler said.

Last week, the company was awarded a $22 million engineering, procurement, construction and management contract at Rio Tinto’s West Angelas iron ore operation in Western Australia.

Works expected to be completed by the first half of fiscal 2015 will involve additional heavy mining equipment and an extension to the process plant, including a new ore stacker.

An extension to the existing non-process infrastructure is also planned, as well as enhancements to the site utilities and services.