This interview has certainly quelled a little uncertainty I had...

This interview has certainly quelled a little uncertainty I had about the change of leadership here. Chris Oates is an original founder, still has a great working relationship with Phil Harcourt who remains on the board and I therefore think that things are not about to materially change. The nature of their long term customers being BHP, RIO and Defence must serve to indicate the quality of DUR's projects and ability. The way in which Chris described the bolton businesses integrated with their existing business shows that they do not acquire just to expand revenue. He indicated that they only entertain acquisitions which can help them organically grow both businesses. It seems that at the moment they are happy with organic growth running at a healthy figure of 34% and are not out purposefully looking for acquisitions. The fact that the order book has dropped was explained in that it has always been volatile historically and the main reason is that the order book contains only the larger longer term contracts and if there is a lull in those then they are filled with shorter term smaller contracts which they seem to have no trouble finding. It seemed to me that Chris covered all of the concerns I had about the metrics as well as giving some good insight about the culture and ethics of the business. The SP might be falling but I guess it is not that long ago it was it hit its all time high so a bit of a breather can be expected before the next decent report will confirm a hopefully well -earned rerate.