Great report, cashflows and margins look really good. I forgot that eps would take a hit from tax expense ($12m) even though from a cash perspective there is no money being paid, but if we extract that we get eps =10.3 cps which is excellent. ADB looks like it still has a way to go, I think they are saying it is better on the ground now than it was and than the numbers show so far.
Dividend of 2c - not totally unsurprising given project scale up, the RCR acquisition and the comment that further consolidation is likely (i.e. we might acquire more companies).
Can I just say also that the presentation is excellent. It answers all the little questions about tax, orderbook details, RCR impact, margins, etc etc that I usually find myself asking after reading these things.
Top job NRW!
Cheers pb
NWH Price at posting:
$2.08 Sentiment: Buy Disclosure: Held
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