I too am surprised by the reaction, as there are no real surprises in the result to my way of thinking.
Except maybe that the work contracted during the 6 months in the engineering division ($400m) comfortably exceeded the revenue earned in the division ($292m) for the same 6 months. I could be wrong, but it seems a while since that has been the case, and credit to management for nurturing the Zenviron JV and building out the water infrastructure business.
Also pleasing to hear about 'high levels of customer retention' despite what we know is a highly competitive marketplace with thin margins. Perhaps being a such a reputable company that delivers perennially for customers offers up some form of differentiation of the services they offer?
Ann: Half Year Accounts, page-20
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