Ann: Half Year Results Presentation, page-9

Interesting situation with the fall in margins. I recall that when "Dickie" stepped into the CEO role, he claimed that the perilous position of the business was the result of the previous Board's (and, according to "Dickie", specifically not the previous CEO's) focus on revenue rather than margin.

At the time Dickie said something like: "The Board promoted a revenue model, not a margin model ... this is why I left Decmil to go to Pindan."

Leaving aside that the former CEO was also the Managing Director and sat on "the previous Board", and that Dickie himself had sat on "the previous Board" for a substantial amount of time, and that the former CEO was Dickie's long term friend who continued to work in the Decmil business at no doubt lucrative consultant rates long after claiming he had stepped down, and also that Pindan collapsed last year, we now find Dickie in charge of a business that is effectively all revenue and no margin!

Could it be that the whole thing is an ongoing farcical narrative of nepotism, vested interests, rewritten history and incompetence that would be funny if it wasn't for the horrendous wealth destruction that BundyToo charts?