As FY20 kicks off we reassess the outlook and remain confident in top line growth. At the interims DCG had >$400m locked in (contracted and preferred) for FY20 and has won work subsequently which will add to this number. We expect a couple of good revenue years on the back of pipeline opportunities across infrastructure, resources and renewables sectors. Key will be margin; we are less sure on this number given a greater proportion of work in potentially lower margin and/or new sectors, however the recent upward trend is a positive sign. We maintain our BUY call and $1.20 valuation heading into the new financial year.
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