The post-tax profit was A$31.4 million, which the company said was the result of revenue growth and improved margins.

Revenue was up by 4.5% to $776.3 million, while pro-forma earnings before interest, tax, depreciation and amortisation rose by 8.6% to $154.5 million.

The company said around 80% of mining services revenue was derived from the gold sector, with Africa providing revenue growth.

"Over the past 12 months, we have won $1.6 billion worth of new projects and contract renewals," Ausdrill managing director Ron Sayers said.

"This includes four significant new jobs in Africa and the renewal of three key contracts in Australia.

Ausdrill declared a fully franked final dividend of 2c per share, following the payment of a 2c per share interim dividend in March.

The company closed the 2017 financial year with cash of $166.7 million, undrawn debt facilities of $124.8 million and gearing of 26%.

Looking ahead, Ausdrill sees a favourable Australian gold environment and increasing exploration, as well as "unprecedented levels of tendering activity" in Africa.

The company is targeting 30-40% profit growth in FY18.

"We have secured and are mobilising new projects which are expected to deliver significant revenue and profit growth during FY18 and beyond," Sayers said.

"The African tender pipeline in particular will continue to be a driver of earnings growth beyond FY18."

Shares in Ausdrill closed 5c higher at $2.20 yesterday. The stock reached a 52-week high of $2.27 earlier this month.