2006 annual results

highlights

� Record Results

� Sales over $500m

� Net Profit After Tax (NPAT) �76%

� Earnings Per Share (EPS) �72%

� Dividends �71%

� Over $500m new contracts won since December 2005

� Capacity increased; workforce over 3,000 � >50%

� Health and Safety performance improved; TCIFR � 23%

� Strong competitive position in booming market

� Further growth expected in 2006/07

financial highlights

+31%36.1%47.3%Return on Equity

+29%$18.7m$24.2mCapex

+177%$22.2m$61.6mNet Cash

+179%$24.0m$66.8mOperating Cash Flow

+71%19.25 cps ff33.00 cps ffTotal Dividends

+72%21.1 c36.5 cEarnings Per Share

+76%$16.7m$29.4mNet Profit After Tax

+68%$29.0m$49.0mEBITDA

+36%$390.6m$532.0mSales Revenue

% ChangeJun 05Jun 06

strong revenue & profit growth

390.6

220.8243.7

154.7129.6

532.0

200620052004200320022001

CAGR 32.6%

16.7

8.57.1

4.83.4

29.4

200620052004200320022001

CAGR 54.0%

profit after tax $msales revenue $m

19.25

7.506.253.502.38

21.15

11.119.55

6.514.89

33.00

36.50

200620052004200320022001

14.25

24.00

200620052004200320022001

high earnings & dividend growth

EPS CAGR 50%

record operating cash flow

29.0

16.115.312.09.9

49.0

200620052004200320022001

24.0

6.613.112.4

3.4

66.8

200620052004200320022001

cashflow from operations $mEBITDA $m

buoyant market, strong margins

7.4%7.3%

6.3%

7.7%7.7%

9.2%

200620052004200320022001

4.3%3.9%

2.9%3.1%2.6%

5.5%

200620052004200320022001

� EBITDA margin � 1.8pp to 9.2% � PAT margin � 1.2pp to 5.5%

EBITDA margin % profit after tax margin %

exceptional return on equity

36.1%

21.7%20.7%17.2%

13.2%

47.3%

200620052004200320022001

� ROE at 47.3% historically highest level

� Five year average return 35.2%pa

strong shareholder returns

� Total shareholders returns:

� 1 year 88%

� 5 years 1226% (68.0%p.a)

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

Jun-06Dec-05Jun-05Dec-04Jun-04Dec-03Jun-03Dec-02Jun-02Dec-01Jun-01

5 year share price history

safety performance

0

20

40

60

2001 2002 2003 2004 2005 2006

� TCIFR � 23% from previous year

� Successful implementation of injury reduction initiatives

total case injury frequency rate (TCIFR)

increased workforce

� Right people recruitment and retention strategy a key focus

� Overseas recruitment for professional staff ongoing

� Expanded graduate program

� Professional development and skill training programs

11981376 1539

1740

3142

Jun - 02 Jun - 03 Jun - 04 Jun - 05 Jun - 06

employee numbers

maintenance & industrial services division

150.8111.1

242.7

200620052004

� Revenue � 61% from previous year

� Full year revenues from previous financial year contract wins

� Rapidly growing Queensland market

� New major contract wins

� Strong performances across all operations of the division

sales revenue $m

M&IS division highlights

� 100% of major service contracts retained

� Award & establishment of new service contracts :

� Comalco’s Boyne Smelter, Gladstone, QLD

� Incitec Pivot shutdown, Gibson Island, QLD

� Rio Tinto Iron Ore's Tom Price mine, WA

� Rio Tinto’s Cape Lambert operations, WA

� Important oil and gas services contract secured with ConocoPhillips for

Darwin LNG facility

� Instrumentation and electrical subsidiary (MIE) revenue contribution of $26m

� Skystar ground handling doubled revenue to $15m

engineering construction division

239.8

109.6

289.3

200620052004

� Revenue � 21% from previous year

� $500m new contracts secured since December 2005

� Recorded over two million manhours lost time injury free during the

year

sales revenue $m

EC division highlights

� Successful progress of major contracts:

� Iron ore stockyards expansion; Rio Tinto Iron Ore Dampier Port

Upgrade project, WA

� Sulphuric acid plant construction; BHP Billiton's Ravensthorpe Nickel

Project, WA

� Stockpile capacity extension; BHP Billiton Mitsubishi Alliance (BMA)

Hay Point Coal Terminal, QLD

� Iron ore facility expansion; BHP Billiton's Rapid Growth Project

(RGP2) at Nelson Point and Finucane Island, WA

� Iron ore facility expansion; Rio Tinto Iron Ore Yandicoogina mine, WA

EC division highlights

� $500m of new major contracts secured:

� Largest ever contract won ($180m) with BHP Billiton Iron Ore for Rapid Growth

Project 3 (RGP3),port expansion at Nelson Point and Finucane Island, WA

� BHP Billiton's Yabulu Nickel Refinery Extension Project, QLD

� Rio Tinto Iron Ore Dampier Port Upgrade Phase B project, WA

� Central Queensland Port Authority (CQPA), Rail Receival Station construction at

Gladstone Port, QLD

� Rio Tinto Iron Ore Yandi Junction South East project, WA

� August 2006, secured another RGP3 contract ($120m) with BHP Billiton Iron Ore

for Mining Area C expansion

our strategy

� Maximise core business – concentrate on earnings quality

� Blue chip customers & long term relationships

� Larger and longer contracts

� Growing recurring revenues

� Leverage capability further into oil and gas, power and water sectors

� Grow electrical and instrumentation services business

� Continue to pursue strategic acquisitions

� Processes and systems to match growth

� Protect and enhance reputation right people-right culture

outlook

� Strong and high quality workload expected to deliver further revenue

and earnings growth in 2006/07

� Core market conditions expected to be strong for two to three years

� Growth dependent on project timing and industry capacity constraints

� Focus on earnings quality given continuing skills shortages and

overheated supply chain

� Current extraordinary organic growth rates are not sustainable in the

long term