Ann: Half Year Accounts, page-8

is that link your review. Well done if it was.

I think the only point to make is that the business, margins, revenue etc are very dependant on factors which we can’t predict and they can’t necessarily control. . Can they win another big contract? How is the day to day activity going to look in a year or more?

Based on the asset base they have though, if/when they are at full capacity - this will undoubtedly earn more and probably have a higher multiple but the question is if and when...!

also as they automate more, the risk of cheaper competition overseas decreases.

I suspect cash flows will be very strong this half and next and I reckon dividends might increase even further and faster than the article suggests.