Revenue of $284m and underlying EBITDA of $24.1m were in line with our expectations. Timing of contracts and an increase in working capital negatively impacted cash flow in 2H18, although we expect this to improve through FY19. It will be influenced by the timing of two key projects (Thunderbird and Karlawinda), as will our FY19 revenue forecast (expected to be 2H weighted). Our $1.55 valuation (prior $1.60) is based on a longer-term view, a solid track record, and an expectation cash will climb from here.
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