Hi Mav, good to see you back. Hope the return home isn't too...

Hi Mav, good to see you back. Hope the return home isn't too much of a reverse culture shock.

On Broadie I've got mixed feelings. On the plus side he's a better communicator, he's paid off most (all?) of the long term debt, has built up some cash reserves (through the sale of Cape and the CR), has filled some key positions with new blood and has something like a plan.

On the negative side the CR was way to dilutive(the bank and instos screwed him on that one), the plan hasn't been bearing much fruit to date (some costs have gone down but some have gone up - like his package- and overall revenue and work in hand seems to have gone down compared even to last year), they communicate more but its still hard to get a feel for how they are doing (eg he wouldn't give any profit guidance before the annual) so it still tends to be a lot of spin and good intentions and not a lot of hard data. But hey, that tender pipeline keeps growing, just haven't won much of it to date but in no time at all...pretty much the line before the CR last year.

The annual report will give a better indication of how its all going. I still hope (from desperation more than anything else) that he'll pull off an ASL and hey in five years we'll have a $3 sp and all be sipping champagne.

On the profit margin issue the new CFO is supposed to have specific tendering skills, or so they claim, so hopefully that'll mean better tendering that is competitive but still turning a good margin.