get on, page-20

The majority of CGH's income is derived from EPCM work. The more "Bums" they have on seats the more money they make. Yes buying these consultancies does help them diversify and not be so mining dependant, but the majority of the income is EPCM related.

This is great when the mining companies are spending, but 2 of the 3 have culled plenty from their EPCM teams recently meaning there are many less "bums on the seats."

Don't think they'll go "to 50c" but I'd be reluctant to pull the trigger on buying them in the next 6 months or so.

Dealing with many of the EPCM's in Perth the last couple of months haven't been great as many of them have had to shed numbers due to these cut backs.