"Just when you thought looking a bit slow, up comes another...

"Just when you thought looking a bit slow, up comes another contract.
Nervous dyspepsia relieved for another day or so."

They've announced numerous contracts over the past 12 months, yet the share price has nothing other than a random walk.

I sense that's because the market is concerned - quite rightly - about the operating margins given the prevailing inflationary business environment.

It's no good winning a lot of work if you lose money on some of it; that quickly becomes a cancer on earnings.

Pricing work properly is therefore the gating parameter and on that score the market obviously views the jury as being still not in.

.