WBHO sees challenging Australian project, settlement agreement sip from the profit cup

A problematic Australian contract and a payment in accordance with a settlement agreement between government and the local construction sector following an investigation into collusion have seen profits slip at JSE-listed construction group Wilson Bayly Holmes-Ovcon (WBHO). The group on Tuesday reported 4.1% growth in revenue for the financial year ended June 30, to R31.9-billion, compared with the previous financial year. The operating margin contracted from 3.3%, to 3.1%.