"We see an ongoing flow of opportunities from established clients. Because our contracts are large and long-term, we are in good shape in the oil and gas sector for at least the next 18 months," Dr Hewitt said.
He told shareholders that the 2001 fiscal period had seen revenue surge to around $720 million, up 33 per cent, with net profit up seven per cent to around $27 million. Market capitalisation increased 83% to $339 million.
As for the upcoming year, "We commenced the 2002 FY with contracts on the order book totalling over $1.4 billion and work in hand of over $740 million. Work in hand at the end of the first quarter is up again. At the end of September, our total contract value stood at $1.48 billion and work in hand was worth $800 million," Dr Hewitt said.
Dr Hewitt said while the events of September 11 had caused the Clough group to reassess its prospects and the risks it faced in its global operations, it will not stop the group seeking opportunities in central Asia, the Sub-continent and the Middle East.
Markets have been speculating that the group is on the verge of securing a major contract in Pakistan as part of that country's oil and gas development. Industry sources said the contracts could be worth more than $US100 million, with further related work taking it up to $US150 million.
Last week, the company announced a raising of $35.4 million through a placement to institutional investors, which further diluted the interests of the family of founding chairman Harold Clough from 59.5 per cent to 54 per cent.
