Aveng anticipates both headline earnings per share and earnings per share for the year ending June 30, 2013 to decline by up to 10% compared to the 128.1 cents per share and 134.9 cents per share respectively for the comparative twelve month period ended 30 June 2012. The primary reason for the material deterioration in performance during the second six months of the 2013 financial year was much higher losses from Aveng Grinaker LTA. Following the introduction of new management at this operation a thorough project review was conducted, including utilising external resources, which has resulted in a revision of the cost to completion estimates of a number of projects and consequently the necessity to provide for these losses.