Watpac Limited launches construction business in South Australia

Watpac Limited (ASX: WTP) has announced the Company will be bringing its highly successful Construction business into South Australia, with the launch of Watpac Construction (SA) Pty Ltd.

The Company already has a well-established Civil Infrastructure business in Adelaide that undertakes works such as road reconstructions, bridge works, sub-divisions, port and marine upgrades, and much more.

Greg Kempton, Watpac Managing Director, said bringing the Construction division into South Australia offered opportunities for local professionals to join the Watpac team.

“I am very pleased to announce that Tim Tape has joined Watpac Construction as our State Manager for the South Australian construction division,” Mr Kempton said.

“Tim is well-known within the local construction industry for his talents in leadership and his expertise in building.

“I am confident Tim will be able to lead the South Australian Construction team to success via a sensible and sustainable market strategy.”

Mr Kempton said expanding the Construction division into South Australia was a natural progression for the Company, which boasts three senior executives who are Adelaide born and bred.

“I am delighted to be able to bring our very successful Construction business into South Australia, a state where myself, our National General Manager of Construction and our National General Manager of Civil & Mining all began our working lives,” Mr Kempton said.

“There are a number of exciting opportunities in this market for Watpac to demonstrate its excellence in construction, and to pair these skills with those civil infrastructure competencies already in place.

“We are looking forward to establishing the Construction business as a viable and significant entity in the marketplace in the near future, and implementing a comprehensive growth strategy in South Australia.”

Watpac Construction is renowned in Queensland, New South Wales, and Victoria for undertaking large, complex works in a variety of markets, including industrial, sporting, residential, and commercial projects.

Some of the Company’s key projects have included the Skilled Stadium Premiership Stand at Geelong in Victoria, the Channel 7 and Pacific Magazines headquarters in Sydney (8 Central Avenue), ‘The Gabba’ and Suncorp stadiums in Brisbane, and Skilled Park Stadium on the Gold Coast.

The move into South Australia comes after Watpac recently announced in its full-year results to the ASX, saying the Company’s strategy of growth and diversification was reaping rewards for shareholders, staff, and business partners.

The Company reported an after-tax profit of $26.8 million for the year ended 30 June 2010, with $1.4 billion worth of work in hand.

Watpac said its net operating profit before tax was up 232 per cent on the previous corresponding period, and net profit after tax reflected an increase of 138 per cent. This translated to a 77 per cent improvement in earnings per share.

Note to editors:
Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au.