Ann: HY21 Results Investor Presentation, page-25

I looked at their ID margins when it was hot, and they were quite good. I think it might run hot again at some stage. Just need enough projects to overwhelm the available manpower. A lot of old consultants in that game I suspect. ACIL was making an EBIT margin of over 7% when Cardno acquired them. A lot of their work was in China, which obviously didn't pay off for Western governments, and was a part of the business that didn't have a future in hindsight.

A new cold war has to be just the thing to boost this division - even better a new cold war with US Democrats holding three levels of Power. Developing countries might start playing the West off against China if they retain enough foreign exchange, and ID could be a winner.