Boart Longyear 'disappointed' in share price performance

Drilling services provider eyes lift in mining industry conditions after difficult year.

Boart Longyear says it is set to return quickly to profitability when conditions in the mining industry improve, after shedding over 3,300 jobs in the past year.

The last year had been "one of the most difficult years in the history of Boart Longyear," the drilling services provider's chair, Barbara Jeremiah, told shareholders at today's annual general meeting.

The group is looking at all options that could boost financial performance through the strategic review it announced in February, she said.

"I suspect that all of you, our shareholders, share the disappointment of the board and management in how our share price has performed over the last 12 months," Ms Jeremiah said.

"The downturn experienced by the mining industry and the segments we serve has been deep and prolonged and the hoped-for signs of recovery have not yet emerged."

At 12.56pm (AEST) Boart Longyear shares were trading 5.56% lower at 21.25c, against a benchmark index fall of 0.95%.

A year ago Boart Longyear shares were trading at 78.5c.

Ms Jeremiah said the company had not received the support for its remuneration report that it had hoped for.

"Retention of the team, including of course our CEO, is a key near-term remuneration strategy imperative given our current circumstances," she said.

"We acknowledge the feedback we have received, and will work hard to address that feedback in our remuneration practices."

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