Found a little more info on CLO this report is dated March and...

Found a little more info on CLO this report is dated March and the p/e is now 9 with a lot more contracts

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Business Description
Clough's core activities comprise integrated engineering and construction contracting services.


Company Strategy and Prospects
(Last Update: 7 March, 2002)
Higher contributions from joint ventures and a lower effective tax rate masked an otherwise disappointing performance from Clough's core business in the first half of fiscal year 2002. Joint ventures contributed $14.3 million of the $17 million pre-tax result, most of which came from Clough's joint venture in Thailand. Problems with two contracts were the main drivers of the underlying result. Management, however, are more optimistic about the second half on the basis that the performance of the two contracts will improve and new contracts are due to come on line. Clough is targeting 'full year profit to be at least greater than last year.'

Clough's strategy is focused on winning contracts both in Australia and overseas in the infrastructure; oil and gas; and mining and minerals sectors. Managing Director, Dr Brian Hewitt, has indicated that rising oil prices has led to new investment in the sector and is confident of the medium term outlook for Clough. Hewitt believes a number of new opportunities are presenting themselves, particularly in south-east Asia.

Clough has experienced strong growth in both its order book ($1.59 billion) and work in hand ($852 million) during the first half of fiscal year 2002. The company has secured a number of contracts during the half with over fifty contracts underway.

Other contract wins include a $66 million contract to construct a coal terminal near Mackay in Queensland. Work is set to begin immediately and is due for completion in April 2003.


Analysts are projecting relatively flat growth for Clough in the short term, which is consistent with the company's short history.

The market has factored this growth into the share price, which is trading on a PE multiple of approximately 12.