I view this as being a cost out project which can run at...

I view this as being a cost out project which can run at breakeven or profitable and which shouldn't require significant increases in opex if they continue winning work. The big issue they have had over the last few years was letting costs run ahead of revenue. Which is great until revenue doesn't arrive.

I like the setup here if costs are well controlled in an environment where they can broadly run with this cost base at breakeven or profitable and with the potential for some very high margin contract wins to show the operating leverage in this business; which has been hiding for many years!