madamswer, I should have made myself clearer. What I was asking...

madamswer,

I should have made myself clearer. What I was asking was if anyone could identify ANY business that meets the high standards against which you critique TSE then please let me know what business it is because I would like to invest in it.

TSE doesn't make the same amount of high margin profit from a broad cross-section of industry but which business does? Especially one which divides itself in terms of both industry and geography?

Your conclusion that TSE "makes a disproportionate share from one division" is a correct conclusion from a blackletter review of one set of accounts. Many businesses are making strong concerted efforts to get as much government work as they can, with the trough in resources work. TSE management would probably just say "thank you" if you told them they did a huge amount of government work.

If one offs are excluded then EBITDA is positive (albeit in some cases very small) in all divisions.

TSE met guidance in almost all areas, has good cashflow and is reducing debt, has a massive tender pipeline, about $10bn work in hand and $2.5bn for FY16 (with the conversion of the DIBP contract this will probably in itself see them hit revenue targets for FY16) and large identified business improvement opportunities. It also actually converts and does major contracts in many cases successfully and is well positioned as a takeover target for major international players looking to get into Australia.

We are looking at the same business just looking at it in different ways.

CC