SRG GLOBAL LIMITED - AGM Information 2008

Good morning Ladies and Gentlemen and welcome to the Annual General Meeting of Shareholders of Global Construction Services Limited.

Global Construction Services Limited is a diversified construction services company that provides a range of products and services to the residential, commercial and industrial sectors of the construction and maintenance industries.

During the year, GCS Group significantly advanced its growth strategy, which was originally outlined to shareholders at the time of the ASX listing.

We have continued to successfully integrate our new acquisitions into the Group achieving our strategic objectives and creating a platform for building shareholder value over the long term. Most recently we announced that our concrete contracting acquisitions have performed above expectations, achieving an earn-out performance milestone 14 months early.

I would like to introduce you to the Company's Directors and Company Secretary, who are present at this meeting.

Mr Enzo Gullotti	Managing Director of the GCS Group;
Mr Sam Mangione and
Mr David Macoboy,	Non-Executive Directors; and
Mr Gabriel Chiappini	Company Secretary

During the year we further strengthened our experienced team through the addition of some key managers.

In particular, we are delighted to welcome David Kiggins to the role of Chief Financial Officer. David joined the Group in September from AHG and his experience will be invaluable as we continue to grow the Company.

I am also pleased to welcome to the meeting representatives from the Company's Auditor, BDO Kendalls Audit & Assurance and the Company's Solicitors, Hardy Bowen and Kitto & Kitto.

It has been a significant time for GCS and these are the achievements of the Group over the past year.

It's been a successful start to GCS's life as a listed entity and while Enzo will provide more detail on these achievements, as a Board we are very pleased with the progress the company has made in the past year.

As we move towards the end of the calendar year, we're seeing and experiencing dramatically different conditions in the capital markets and can respond to these new conditions. The Board has confirmed its strategy is robust.

We are disappointed, along with many other boards in Australia, that the share price does not reflect what we believe to be the true value of our Company. Our best response is to continue to strive to deliver profitable growth and service excellence to our customers and wait for calmer conditions and investor confidence to return.

At this stage, the financial crisis has had minimal impact on trading conditions and we're very pleased to announce a positive start to the 2009 financial year, which again Enzo will expand on in his presentation.

As the full impact of the financial crisis is not yet known we will continue to take a considered approach to acquisitions. We will also focus our attention on maximising existing business and implementing a variety of organic growth opportunities.

That said, we expect there will be many opportunities in the time ahead once some stability has come back into the markets.

The purpose of this meeting as detailed in the Notice of Meeting is to receive the Company's financial statements and consider resolutions providing for:

The adoption of the Company's remuneration report for the year ended 30 June 2008
The Re-election of Mr David Macoboy; and
The approval of financial assistance.

I advise the meeting that there is a quorum present for the meeting. Therefore, the meeting is properly constituted and I declare the meeting open at 10.05am.

Please ensure that you have signed the attendance register. The register of Shareholders is tabled and is available for inspection either during or after the meeting.

Proxy votes have been received. The total number of valid proxy votes and the manner in which the proxies are to vote will be presented before each resolution is considered and voted upon.

Thank you Neil.

Good morning Ladies and Gentlemen – and welcome to today's meeting.

It has been a busy and rewarding year for the GCS Group and I would like to provide you with an update on operations and our plans for the coming year.

GCS Group's first full year as an ASX listed company has been a success on both financial and operational criteria.

Financially, the company recorded a strong performance posting a net profit after tax of $9.8 million on Group revenue of $69.05 million for the year ended 30 June 2008.

The profit result is above both the revised forecast provided in May of this year and the forecast initially provided in the Company's 2007 Prospectus.

Following the strong result, Directors declared a final dividend of 4 cents per share, bringing the full year dividend to 7.25 cents per share, fully franked.

GCS also announced a Dividend Reinvestment Plan, providing shareholders with the option of reinvesting all or part of their dividends and we are pleased to report that the take up on the Dividend Reinvestment Plan represented 42% of the total dividend payable.

Our strong performance was driven by solid contributions from each of our divisions - residential, commercial and industrial with initial positive contributions from recently acquired businesses.

In the past 12 months we have significantly advanced the Group's growth strategy.

We have expanded our geographical footprint with a strategic move into the Pilbara region of Western Australia through the launch of GCS Northwest, in Karratha. This new division has provided GCS with greater exposure to the opportunities in the mining and resources sector.

GCS also expanded its operations into the South West of Western Australia, with the recent acquisition of Coastal Hire, providing a broad range of construction services to customers in this fast growing region.

The Group now services customers in the residential, commercial and industrial sectors of the construction and maintenance industries, with operations throughout the South West, North West and across the Perth metropolitan area.

During the year GCS acquired four companies in the construction services sector: Bayswater Scaffold Hire, Budget Portables, Newave Contracting and Blueline Contracting – all of which have made a significant contribution to GCS Group's earnings.

The acquisition of Newave and Blueline concrete contractors has provided excellent synergies with CASC Constructions in the commercial sector. Newave recently achieved the earn-out component of the settlement terms 14 months early, which has been a tremendous accomplishment.

GCS has integrated new products into the suite of existing services with the introduction of temporary fencing and the opening of a new plant hire division in the Perth metropolitan market.

Temporary fencing is now available in the North West, South West and across the Perth metropolitan area.

GCS Hire has also increased our product portfolio and provided us with access to an important new market, where we see excellent potential for growth.

Looking now at the current financial year, we have had a good start to FY09.

To date, trading conditions in all segments of the construction services industry have been positive and we are confident we will deliver a strong result for the first half of the 2009 financial year.

I just want to touch on the global financial turmoil and the impact we believe it is likely to have on our markets.

These are extraordinary times and I'm sure that even the most extreme pessimist among us would not have predicted the dramatic events that have unfolded in the global financial system over the past few months. The impact the global turmoil is having on Australia's economy has been well documented.

While Western Australia is certainly not immune from the downturn, at this stage the full extent of the impact is unclear.

Obviously, the tightened credit market is a major issue for many industries.

That said, WA of all states, is well placed to continue to grow, once investor confidence is regained.

So what does that mean for GCS?

While the financial crisis has been around for some months now, events have been slow to affect our markets.

As I mentioned, activity levels in all segments of the construction services sector remain positive. Low unemployment levels, high population growth and a severe shortage of office space have all contributed to a steady level of construction activity in the WA market.

That said, there are some signs that activity could be affected in the future.

Looking at the commercial and industrial segments of the market, activity is still strong, however it's difficult to predict how it will be affected in the medium to long term.

In light of these conditions we have reconfirmed our corporate strategy.

We will continue to focus on our core business segments – residential, commercial and industrial – monitoring market conditions, and responding accordingly.

We will increase our focus on our organic growth opportunities by continuing to maximise our existing businesses, particularly our latest acquisitions.

Looking forward, we believe the outlook for GCS remains positive.

We expect growth to come from synergies and scale benefits.

We will also continue to assess a variety of growth opportunities, maintaining our conservative and disciplined approach.

We believe GCS has a convincing value proposition, particularly in the current climate.

The fundamentals of the business are strong with exposure to three main market sectors – residential, commercial and industrial and a broad range of products and services.

We continue to seek growth opportunities for all of our divisions. In short, we have a solid business with a very positive future.

To summarise what has been said, trading conditions in each of our markets are currently positive and we are comfortable the way the company is trading in the current financial period.

However, we've also acknowledged that the financial markets have shifted considerably, restricting access to capital market funding.

In the short term we will direct our focus primarily on consolidating and integrating our recent acquisitions, and will continue building the business through organic growth.

Our acquisitions have provided a strong contribution to the company's earnings and we believe there is significant potential for further scale benefits and synergies to be recovered. In addition, we expect further growth to come from our newest business divisions – GCS Northwest and GCS Hire.

We are still very much committed to the acquisitive growth strategy in the medium to long term and we will continue to review opportunities as they arise.