The increase in overheads has been because the company is...

The increase in overheads has been because the company is scaling up the business to support a much larger turnover, its kind of like investing for future growth.
They should turn the half year in good shape,anywhere near half the estimated full year ebitda would be a great result,
remembering that the second half is always stronger , due to the seasonality of some of their business in the west.They should now be able to build some real scale into their business,as they get bigger they wii rely less on buying new businesses and concentrate more on adding new work and contracts to their existing infastructure.
Remember this is not a business that can be easily duplicated, their are high barriers to entry for any new player who wants to enter the market,
Debt is not a problem, interest cover is more than comfortable, and gets better every day as the cash flows in.
They now have a solid insto backing with some good names on it, they had no problem getting an issue away at a small discount to the market, compare that situation to other issues that have been done over the last few months!!Its especially good to see AFI on the register, they are great value managers, and have been good supporters of the company.
I can not see many companys that beat tox for being a defensive as well as high growth investment, i would love to fast forward a few years, but i have been their for about 4 years so i am patient,
and i must say that i have never been dissapointed in any of the investment decisions they have made,
how many other companys that we are invested in can we say that about.