WBHO (WBO) Results Snapshot 1H23

Diluted HEPS improved to 630.1cps compared to -1 610.9cps LY.
Results restated to exclude WBHO Australia.
Revenue from continuing operations improved by 14.9% y-y to R10 330m, driven by building and civil engineering in SA.
OPM declined by 20bps to 4.5%.
Expenses increased by 15.1% y-y to R9 877m, with expense to sales increasing by 20bps.
No dividend declared.
Order book increased by 56.0% y-y to R26.5bn over the restated order book value of R17.0bn.
Contract assets declined by -61.1% y-y to R388m, while contract liabilities decreased from R2 986m to R2 439m.