I thought the result deserved some caution. The further fall in...

I thought the result deserved some caution.

The further fall in ICT as a % of revenue to 24% (was 27% at HY), suggests that there was a continued decline here and not just the TLS Christmas Shutdown effect.

Although government work picked up by (est) $7m, I note from the AusTender database that about $4m of that seems to have come from one contract with the Australian Tax Office that looks due for completion by 31 August, so revenues may be bumpy.

DWS have always been underwhelming in their outlook statements, so I don't read too much into it, but there doesn't seem much indication of increasing profits at this point. Given the likelihood that they remain in transition and needing to replace previous revenues from the ICT sector, I would treat with caution.