The $3.2m 1H19 EBITDA was below pcp and our expectations due to construction project delays, although the contribution from the Services business was a positive surprise that helped boost the group GP margin to 18.8%. We expect a significantly stronger 2H performance as construction work kicks in, although our full year forecasts have been lowered due partly to higher fixed cost assumptions. We remain positive on the gas sector opportunity pipeline and retain a BUY call on a $0.35 valuation (prior $0.42).
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