Top 20 Update WSI, page-21

imo Holding this sp down is the gross profit margin falling and the fear that without the large awards the company revert to financials similar to 2021 as most other costs have remained relatively stable. (Gross profit could have been hit due to covid and the rising costs of labour and materials, although whenever this was mentioned in the past this was shouted down as not an issue due to the structure of the contracts especially iron bridge). Any decent size contract wins $50M+ and indication 22 was not a one off should see a significant re-rate.