LogiCamms ’ announcement in early May that it had acquired ITL, a specialist oil and gas engineering company, is a positive development. Not only is it a good fit with the existing business, it also increases the company’s exposure to the energy sector, effectively reducing its reliance on revenues from the mining sector that appear to be more at risk.

The acquisition comes on the back of a strong first-half result for 2012-13 in which LogiCamms’ profit was up by nearly 20 per cent. Importantly, the company had net cash of $22.3 million as at December 31, 2012, providing it with the capacity to fund acquisitions such as ITL.