Ann: Seymour Whyte Continues to Strengthen , page-9

Credit to management for restoring margins to more acceptable levels in 1H2014. A good 1H2014 result IMO.

Not a surprise to hear of the acquisition when you take a look at the current SWL order book. They secured $150m of new work in 1H2014, down from the $220 they secured in 1H2013. The order book for FY2015 is only $94m, that is $100m below what it was 12 months ago. Hence it is proving difficult extracting infrastructure work, especially in Queensland.

The acquisition looks reasonably sound, SWL going to great lengths to reassure investors that they have done their due diligence.

p.s Still a concern that the CEO has very little (if any) stake in the company at this point.