It would be interesting to understand what % of revenue is the higher margin work they talk about. There must be a lot of projects and associated revenue not meeting the margin goals or even weighing the high margin work down.
To be proud of this result as though it is some great success beggars belief. If their wage bill is about 50% of revenue, I suspect it is higher, they are only a 2% pay rise in eliminating it without increasing their charge out rates. Their goal is to have the best skilled people and so I suspect pay increases will need to be far higher than 2% plus inflation.
I won't retype my thoughts on the gravy train but I will be interested to see where this all goes, my guess it will struggle along at this sort of level of profitability and then be swallowed up by a big engineering conglomerate or taken private at the right time to suit the half dozen significant majority shareholders.
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