Latest results

• 2011 results in line with previous guidance, in a challenging year
  
  
• Year-end net debt better than expected at £102.5m (1.4x EBITDA)
  
  
• Recent major project awards, including:
  • £120m Wheatstone contract awarded in Australia, starting late 2012
  • £30m Vale contract awarded in Malaysia, starting March 2012
    
    
• All-time high order book up 40% on last year
  • up 10% excluding 2013/14 work
    
    
• Business improvement initiatives in progress