Royal Wolf Holdings generated earnings before interest, tax, depreciation and amortisation (EBITDA) of $20.2 million for the six months to December 31, 2012. This was ahead of analyst expectations and when the result was announced in February the company’s shares increased by about 20 per cent.

Unlike many companies its share price was unaffected by market volatility in March/April and it has held its ground since the re-rating. This may be attributed to the fact that initiatives undertaken in the first half of 2012-13 should provide significant earnings momentum in 2013-14.