Ann: Perenti operational update, page-75

Order book: Labour crisis, inability to move workers cross border in Aus and abroad, having to compensate higher to retain workers and replace and retrain new workers replacing those who leave chasing $$.
Stronger AUD.

Pipeline: Having to recut tenders to account for the above and struggle to fill the necessary roles without the benefit of 457 visas and freedom of travel across border.

Overlay that with your timing expectation of when covid issues may abate and you have your answer.

Mining boom with a major labour and skills shortage, this isn't your typical scenario. The only ones who benefit from the current scenario are local workers, skilled and general labour, they can take their pick and name their price.

The market is pricing in lower earning for longer, nothing strange going on.

Aimo