After months of subdued trading, diversified engineering, construction and maintenance company United Group is finally winning back some market respect thanks to $1 billion worth of contract wins in the past month.

Its latest win - a $38 million mechanical erection contract for Woodside - has seen its stock rise to five-month high of $3 per share. In further evidence of renewed interest in the stock, AMP and Paradice Cooper emerged last week as substantial shareholders.

The revival comes after a period of subdued trading in United Group in which investors reacted negatively to the company's annual results for the year to June.

With its order books now standing at $2.3 billion, the company said it will look for further growth in the dynamic Asia market and later, when appropriate, make moves into Europe and North America.

In contrast to the revival of United Group, Perth-based Clough Ltd saw 29% of its value wiped away last November after investors reacted angrily to news of cost overruns at two major projects - with commentators naming the Lakshmi gas processing project in India as well as an infrastructure management project as the culprits.

After the company warned the market of first half losses and the group being unable to match the previous year's profit, its share price fell to as low as 45c. Currently, the stock is trading at 55c, a long way from the $1.10 of March last year.

Many in the market believe that the company suffered because of its aggressive tendering policy over the last 12 to 18 months, which saw it underbid for new contracts and so it now must wear additional costs.

Clough Limited has since made sweeping changes to the board and senior management team.