Agreed, especially re the overheads. I suspect morale would...

Agreed, especially re the overheads. I suspect morale would already be extremely low with the programme of redundancies that seems to have left upper management untouched. The 15% cuts in salaries for upper management is an old trick that usually involves working reduced hours, i.e. no real reduction in salary.

The margins from construction are probably also inflated in my previous numbers. Who's to say they will achieve even 10%, especially with them having so little work and no doubt growing increasingly desperate to secure it?