Ann: Half Yearly Report and Accounts, page-5

Extraordinary.

All those men and women, and all that equipment, deployed across a variety of projects to do over half a billion dollars of work each year; yet not a single dollar of it reporting to the shareholder profit account.

It's as if the Board of this company run it as a social service.

Some other enterprise with a mere modicum of project costing expertise could, with ease, add $10m pa to Gross Profits ($10m is a mere 2% of CoGS), plus strip out a further $5m out of fixed overheads, to create $15m of EBIT in the blink of an eye.

And even if they offered to acquire DCG at a paltry 5xEV/EBIT , that would imply a $75m EV.

Netting off the $10m of Net Debt, it would mean an Equity Value of $65m.

That's more than double the current market value of the company.

If the latest crop of managers can't turn this thing around - heaven knows, they have work coming out of their ears, so it should be a cinch - then before long someone else representing a different entity will be parachuted in to do the job for them.

Has a distinct sitting duck feel about it to me.

.