Ann: AGM Presentation, page-23

Chand we announced the wetlands and canal projects before they were started. I suspect it is more we do not know for sure we have most projects UNTIL we are about to start work. There is not much lead time. However, that raises the risk profile of investing in PET as we have no certainty about the "pipeline" and when we will get the work. That would be solved if we start getting regular work, but the market will be nervous until it is clear we ARE getting regular work. If the current wetlands project (announced at the START of 2018) does finish this year then we need urgently a new large project in the south of China where work is possible over winter if we are not going to have a gap in the flow of work.

This is from the half year review released on 22 February (and was first flagged in the quarterly released at the end of January 2018):

" The Beijing team are currently working on two large engineering projects with a value of approx. $15m, the first ofwhich is expected to be formally contracted in March 2018 and the second project in the middle of 2018. It is expected that approx. $8m of sales revenue from these projectswill be booked to 30 June 2018(2). "

We started work on the first project in April according to the quarterly released on 27 April 2018. Thus both were announced at least shortly before we got the contracts and before we started work (by 6 months in the case of the current project).