General conditions for Mining Services are terrible ... contract deferrals across sector, non-payment becoming an issue, pricing terms being revised downwards quite aggressively by some of the big boys (eg RIO). LCM certainly not immune to this issues. They are chasing $2.2m from that mighty mining house Kazax Resources.
http://www.marketwired.com/press-release/logicamms-limited-notice-civil-claim-issued-against-kazax-minerals-inc-excess-2-million-1822279.htm
And most recent profit guidance being flattish for FY14 at $11-12m, despite the recent ITL acquisition adding ~$3m to NPAT, implies that the underlying business is down ~30%. 1H result is going to look terrible, and I am not convinced that 2H will pick up as quickly as management are hoping.
In saying all that I do like LCM's business long term, am a huge fan of Steve Banning and am buying small amounts today.
General conditions for Mining Services are terrible ... contract...
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