SXE has transformed itself in recent years, substantially reducing exposure to resources, increasing its scale and diversity, and improving its earnings visibility. This was reflected in a strong FY18 outturn, which delivered $348m revenue and $19.0m normalised EBITDA. With $300m locked away for FY19 and a healthy tender book and pipeline, SXE’s target of >$400 revenue in FY19 is achievable. Medium-term growth potential and a less risky business model is a positive.
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