Ann: Half Year Accounts, page-8

The dramatic reduction in "equipment and materials" is actually one of the few clear positives (in my mind) - as I strongly suspect this is related to the continuing reduction in EPC work. This is a good thing, as it means reduced contract risk.

It should be kept in mind that this is likely to imply that the revenues that matter (ie those that come after paying for direct costs, ie those that are more akin to "gross profit") have not dropped as much as reported revenues indicate.

But then I've been harping on about the hidden value in LYL for a long time. We shouldn't pay too much attention to a 6 month period here (as we shouldn't have to the prior 6 month period). That said, this result is not aligning with my thesis (or my credibility).