For those who are interested...
Excerpt from Pattersons 'Market WRAP' 18 Feb 2009
"The $97.0m 1H09 revenue result reflects 58% of our FY09 revenue forecast ($164.7m)... Operating cashflow ($6.4m) was impacted by $43.4m in working capital outflow, which we believe reflects a large proportion of work in progress. Management have indicated that tendering activity remains high on the back of the company's exposure to long-term offshore maintenance expenditure despite the weaker oil price".
Price target is $0.52/share (7.0x FY09 EPS) and maintain BUY.
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