Half Year Results – 31 December 2010

Overview

(16 February 2011)

• Performance in line with market guidance provided in mid December 2010.
• Continuing disappointing performance due to delayed and cancelled projects.
• Performance improvement plan announced in December 2010, $18 million of annual savings identified so far, tracking to target.
• Re-negotiated and agreed terms of extension of banking facilities for a further 3 year period to February 2014.
• No interim dividend.
• Appointment of new Managing Director effective 1 march 2011 as part of Board renewal and succession program.