The trend in revenue and margin over the last 4 halves has been positive, and a strong 2H19 pushed group revenue and EBITDA up to $663m and $24.1m respectively for the full year, close to our expectations. The outlook for the Construction & Engineering (C&E) segment is positive across all sectors, while HomeGround occupancies have at last picked up to a profit-generating level. We expect top line growth, GP margin expansion, and operating leverage to result in further improvements in EBITDA in the coming years. We maintain a BUY call on a little changed valuation of $1.15.
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