It seems odd to be saying that a company facing a certain profit fall for 1995-96 looks like good value. Clyde Industries has reported a booming result for 1994-95, with profit after tax and before abnormals up 38%. Dividend is up from 10> to 12> and is well covered by earnings per share of 22.9>.

But the profit surge came from completion of a contract to supply 89 locomotives to the NSW State Rail Authority. The last delivery was made in April and, having lost the tender for a National Rail Corporation contract to Howard Smith, the company has no major contract in hand. There is still work, including the maintenance contract for the 89 locomotives, but no big job. Still, Clyde's managing director, Geoff Ashton, sees good opportunities for this division.