To add to my previous comment...re: security generally speaking,...

To add to my previous comment...re: security generally speaking, agree that competitive advantage is hard to build and margins will generally always be low, but the federal government is cracking down hard on unscrupulous operators that underpay staff, with hefty fines and jailtime for those that deliberately underpay staff...I feel this will advantage businesses like MCS who always pay award or above.

Also, security is one of those truly defensive industries that will always remain resilient in the face of economic downturn. If the world goes to shit, crime rises, etc, etc, in that scenario, businesses will look to spend more on security services, not less.

There is also scope for businesses like MCS to branch out into a broader facilities management offering, ie, like cleaning services, reception services, etc. These complimentary offerings are similar to onsite security services in that they can be delivered by personnel with relatively little training, and at a similar award rate. There is a business in Victoria that has already had a degree of success with this called MA Services Group (based in Tullamarine) - there's absolutely no reason why MCS couldn't follow a similar path.