an ever expanding work book, page-13

Mike, check out today's AFR p42, for a good article on WTP - particularly the civil works div. They didn't have any financing probs during the GFC, they infact had undrawn facilities from ANZ which gave the market comfort. I know this as I attended an AGM at the height of GFC & it was mentioned there. I hung around after the meeting & introduced myself to the chairman, MD & several senior execs & came away distinctly impressed (in fact bought more the next day). In the past year or two they have been very conservative & written down the value of property holdings (too much in my opinion) but the revenue from construction has continued due to blue chip client base, correctly pricing of tenders & unlike some bigger name construction firms they did not buy work at any cost.

They have grown conservatively & strategically and are now a national firm so geographic & sector diversification. Originally a Qld focussed company, they now have benefited by the national growth strategy. They are still a significant presence in Qld & this will lead to significant upside in the reconstruction needed following the natural disasters that have devastated a lot of that state.