I'd be very cautious about making any assumptions that this is...

I'd be very cautious about making any assumptions that this is now a turnaround story.

They've still got $25M worth of claims to resolve which still very high. Historically they appear to have settled their claims at numbers much lower than what they've previously indicated. Also, the fact these claims remain unresolved at this point suggests they could be the most difficult to settle or have a lower potential to do so.

I'd be very interested to know what the chart on the right looks like without such reliance. I'd also like to see nett margins, not gross project margins - their corporate overheads are way too high for this sized business. Take these out and I'd suggest those margins would look below par at best and possibly loss making.