The fact that Watpac won $400 million in work and has $2.3 billion in work in hand is impressive. However, the work in hand figure has not changed since the start of the year. This means that the company has only achieved revenue of $400 million over nearly 5 months. Thus over the first half revenue will be down compared to previous years.
On the plus side, the weather has been much better for construction this year, so hopefully the margins will be much better.
WTP Price at posting:
$1.02 Sentiment: LT Buy Disclosure: Held
