The fall in profit is due to the losses in marine construction,...

The fall in profit is due to the losses in marine construction, but I think slide 14 in the investor presentation shows the worst of that should have passed. The total intake of work in 09/10 was only $50m, and that impacts on the revenue in 10/11. The intake of work for marine construction is already $309.5m this half - even with slim margins, I'd hope they would turn a profit in 11/12 in that division.

Order book for 11/12 looks good, potentially doubling of revenue compared with 10/11.

The current profit numbers aren't unexpected (the SP already took its flogging after the downgrade was slipped in to the AGM presentation in October), so I'd read these results with an eye on 11/12 and think it is a long-term buy. Can't see any very short-term catalyst unless they get a big LNG job, but I'm not holding as a spec stock.