Ann: Veris 1H FY19 Results Presentation, page-36

Yes that was poorly worded.

I should have written, their margin in survey is very low. Supply of skilled and experience labour in this market is well below demand and thus wages will/are increasing. This labour supply problem is very problematic in survey. By VRS buying business at low margins in risky construction and infrastructure projects they either have to increase margin by increasing hourly rate (unlikely) or lower wages by finding lower priced labour ie less skills which increases their performance risk.

If resi markets come off this will only reduce the gap in the labour supply not solve it. Given there revenue pricing is locked in they are a long way from solving their margin problem in survey.