The benefits of the strategy to diversify exposures to other sectors and geographies was clearly evident in the FY19 results, with both the Infrastructure and Commercial sectors contributing more to revenue than Resources. The stronger 2H saw an uplift in the GP margin as well as operating leverage gains, allowing the Company to post $23.6m FY19 EBITDA (up 13% on FY18). SXE is targeting >$420m revenue in FY20, with tailwinds across most sectors. We maintain a BUY call on an unchanged $0.80 valuation.
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