PussinbootsNFK had a niche in the rail sector until recently...

Pussinboots

NFK had a niche in the rail sector until recently when other companies started to get on the rail bandwagon. The rail sector was bringing in circa 20% of ODG's margin contribution. That niche is now disappearing fast as the others have caught up and the resource work dries up.

They don't have any more or less buying power than others of their size in the industry

The only real service advantage that they had was rail... refer above

In many was NFK is a lot worse than it's competitors with a number of resource companies now not wanting them back IMO

NFK is certainly not a low cost operator.

Norfolk should be a leader and making a fortune. It has 2 of Australia's oldest and most recognized brands as it's flagships. However IMO poor management and in some cases incompetence at high levels has NFK in the position that it now finds itself.

It has a massive corporate structure that means it can longer be competitive in the smaller markets (projects under $20m)because there are now numerous smaller contractors that can do these size jobs on the scene thanks to the mining boom. NFK's management haven't realised that yet and so instead merged Haden and ODG in order to cut jobs (and overheads) instead of pushing the broom through their own hallways.

IMO until NFK realise that they are no more than a holding company and start to act that way there will be no improvement in their profits or SP.