News

Profit Warning For The Third Quarter Ended 31 March 2008 (Q3 2008) - Update

BackApr 28, 2008

Further to the announcement on Friday 25th April 2008, the Board of Directors wishes to provide more details on the profit warning issued.

The reason for the quarterly loss relates to contractual issues around a single project being undertaken by the Australian subsidiary of the Group.

Management is in discussions with the client with a view to resolve all contractual issues in a timely and amicable manner.

For the purposes of preparing the 3rd Quarter results, the Board has taken a conservative view on this project and to be prudent has made the required provision.

The Board advises that the quarterly results are being finalised and will be released on or before the 15th May 2008. As a result of the required provision, the Board anticipates the third quarter loss will not exceed A$4 million for the Group.

The Board is confident that the Group full year results will remain profitable.

Michael Anthony Hardwick
Chief Financial Officer