Ann: FY13 Results Update , page-3

It's not inconsistent with what's been happening with all of the mining services companies - in fact, RUL seem to have cushioned their fall better than most and have managed to fairly successfully cut their expenses.

RUL as a medium-long term play seems to be more about what's happening with the software side. Personally, I like the new strategy they seem to be employing, with solutions more tailored to different commodity and mining types + enterprise software integration. I think it's still too early to tell on whether this will be successful - probably needs the industry to find its equilibrium again, before we can judge what take-up will be like. That said, software licence sales declining (sharp drop in 2nd half) is concerning, though again could be reflective of resizing/refocusing of mining companies post-mining boom. Time will tell, but not expecting meaningful dividends to return in the short term.