A combination of factors, IMO:- As you suggest, cautious outlook...

A combination of factors, IMO:

- As you suggest, cautious outlook statements - but better than the alternative;

- Uncertainty re: when CSG projects will come on line, and when and how this will translate to profitability;

- Interesting comment in the "Open Briefing" yesterday re the potential impact of increasing labour costs due to skills shortages - similar comments made by Ken Henry (rep in the AFR) with particular reference to the mining and mining consturction sector (directly relevant to WDS) - this will be a huge issue for WDS and its peers going into 2010 and beyond, the key issue will be to structure their contracts to allow for sufficient "ratcheting up" of costs through the life of the project;

- market factors - my sense is that the market for this has been driven up by STAGs who came in in the 0.30's and are cutting loose.

I am haning in there on a 0.90c cost base on shares I've held for 12 months plus (bought the first lot at $2!). This has been a huge disappointment and I have corresponded with management to let them know as much. However, I do believe there is a story in this stock - unfortunately, its probably going to be a 2013/2014 story!

Look forward to other contributions.