No substitute for quality, and MND has shown year-in year-out...

No substitute for quality, and MND has shown year-in year-out that they can deliver.

Margins are under pressure AND we are in a very competitive landscape. So what does MND do? In the middle of last year they began to clamp down on costs to protect their margins (eg. consolidated to 2 operating divisions). Today we see proof of that, revenue flat but underlying NPAT holding up.

There is more pain in store for mining service companies, that is assured. MND have been leveraging their reputation to move into the LNG space where activity remains robust. But the big upside to me remains geographically. Of course international expansion (eg Mongolia) comes with risk, but if any company is capable of successfully finding new paths of revenue generation, IMO it is MND.