MLG Oz's (ASX:MLG) fiscal first half headline earnings reflected improved operational discipline, stronger fleet utilisation, and sustained gold sector demand, said Euroz Hartleys in a Monday note.

The research firm noted that the company's pro forma earnings before interest, taxes, depreciation, and amortization (EBITDA) reached AU$36.5 million, 24.5% ahead of last year, and statutory revenue was AU$287.2 million, 5.2% higher than a year ago.

Euroz Hartleys said that the results showed improvement in profitability and margins despite weather disruption in the first quarter.

Euroz Hartleys has maintained a buy rating on MLG Oz with its AU$1.07 price target under review with an upward bias.