Ann: Half Year Results Announcement, page-6

"Earnings flat, which could be a dangerous thing with the share price up 50% in the last year."

To get an even better picture, now adjust for the quality of the result.
Scores a 4.5 out 10 in my book

While there is no sign of an accounting alchemy (the P&L is pristine, as is almost always the case with SXE; ditto for the balance sheet), the apparent "flatness" in earnings was all driven below the operating line, which masked sluggish operating earnings (EBITDA and EBIT down 10.1% and 7.7%, respectively).

Revenue was strong, so the problem was a 60bp drop in the GP Margin.

Viewed through the half-full glass, CoDB management for this company is exemplary, held flat again in the period (on a pcp which was up only modestly, in turn, on its pcp). Quite a feat given the inflationary environment that has prevailed over the past 24 months.

They are going to need to have a record-matching second half in order to meet the guidance first provided with the FY2023 result (and re-affirmed today) of flat EBITDA for FY2024.

They better get their boogie shoes on in that case.

Given the general tone of emerging gnarliness in the industry, that I've discerned from the commentary of managers of engineering and construction companies, I think the market will be focused on hearing more from management about the basis on which they predict "growth in 2025 and beyond".

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