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Watpac reports exceptional performance at 25th Annual General Meting

Announcement posted by Watpac Limited 21 Oct 2010

Shareholders learned that work in hand stands at $1.4 billion, but with Watpac being preferred tenderer on a number of projects, this figure was likely to increase to $1.8 billion.

At its 25th Annual General Meeting today, Watpac Limited (ASX: WTP) reported to shareholders the Company had delivered on its promise of improved earnings during the past financial year.

Shareholders learned that work in hand stands at $1.4 billion, but with Watpac being preferred tenderer on a number of projects, this figure was likely to increase to $1.8 billion.

The meeting came as Watpac reached completion on time and ahead of budget of two major construction projects totalling $450 million.

The Cochlear Global Headquarters project in Sydney reached practical completion yesterday, while the Knowledge Based Research and Business Project—Ecosciences Precinct in Brisbane was officially handed over to the client.

The meeting was also an occasion to celebrate the Company’s 25th anniversary of becoming publicly listed. The Company was first established in Brisbane as Watkins Pacific in 1983, and became officially listed on the ASX on 15 August 1985, with 22.5 million shares offered at 50 cents each.

Of Watpac’s 7,600-plus current shareholders, 109 on the register have continuously held shares since the Company first listed on the ASX.

From humble beginnings, Watpac grew to become one of Queensland’s leading construction and property companies, and is now one of Australia’s most significant contracting businesses, expanding into the fields of civil infrastructure, civil landscaping, mining, and refurbishments.

The Company now has offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth, and an annual turnover approaching $1.3 billion.

Greg Kempton, Watpac Managing Director, said the anniversary of the ASX listing was a significant occasion for the Company.

“Watpac’s growth and success since 1983 would not have been possible without the loyalty and confidence of our investors, and the dedication of our staff,” Mr Kempton said.

“This year we have relocated staff to new, bigger premises in Brisbane, Sydney, and Melbourne to accommodate our tremendous growth.

“We now have approximately 1,000 employees in offices and on sites around Australia, working on projects such as the $330 million-plus contracts for BC Iron in the Pilbara Region of Western Australia, and the $126 million Gold Coast Stadium project in Queensland.

“Our diversity in terms of the services we are able to offer and our geographic spread has increased enormously, particularly in recent years, which has created rewards for both our shareholders and staff.

“I am very proud of Watpac and everything the Company has achieved over the past 27 years, and we are looking forward to celebrating these successes at the 25th Annual General Meeting tomorrow.”

Some of Watpac’s most significant projects successfully completed since 1983 include:
•The Brisbane Entertainment Centre, Brisbane (completed 1984)
•Seaworld Nara Resort, Gold Coast (completed 1988)
•The Townsville Breakwater Entertainment Centre, Townsville (completed 1998)
•Suncorp Stadium, Brisbane (completed 2003)
•Ballymore Eastern Grandstand, Brisbane (completed 1992)
•Lang Park Western Grandstand, Brisbane (completed 1994)
•‘The Gabba’ (Brisbane Cricket Ground) redevelopment, Brisbane (completed 2005)
•Queens Plaza Retail Centre, Brisbane (completed 2007)
•Skilled Park Stadium, Gold Coast (completed 2007)
•Skilled Stadium Premiership Stand, Geelong (completed 2010)
•Single LEAP Phase 1 Defence Accommodation Project, Brisbane and Sydney (completed 2008)
•Rosehill Gardens Pavilion, Sydney Turf Club (completed 2008)
•WhiteWater World, Dreamworld, Gold Coast (completed 2006)
•8 Central Avenue (home to Channel 7, Pacific Magazines, and Global Television Services), Sydney (completed 2010)


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.
•The Annual General Meeting was held at 10.30am at the Stamford Plaza Hotel in Brisbane on Thursday 21 October.
•A copy of the Chairman’s address to shareholders is available via www.asx.com.au.