Ann: Change of Director's Interest Notice - B Elton, page-16

Not sure where you're coming from?? Nothing changed in years?

- New executive (Brian Elton) as of 14 months ago
- New Director on board (Brian Elton - ditto)
- Purchase of Elton Consulting ~1year ago and LandDATA ~2 years ago
- Restructure and subsequent growth of small section of OTOC (now Aqura) - started 2 years ago
- Exit of OTOC construction business (3 years ago revenue ~$70M - now zero)
- Service revenue (focus) increased from <$50M to >>$100M in 3 years

As @precis rightly summarises The telling thing will be a correction of the survey margins. Elton and other parts of business are profitable and growing. Seems they pulled the revenue lever too hard on survey, had to use contractors for the extra business and screwed up their margins. From memory they removed a guy and had much closer CEO/Director involvement in bidding for business - in a couple of months we'll discover how much progress they've made.

Growth thesis ... Elton and Aqura continue to grow as they have been. Survey gets its margins right. Back office consolidation continues to reduce costs. Then, Survey business grown also focussing on large infrastructure programme for East Coast Aust. Echoing precis - they key is surveying margins.