Where is this headed, page-6

I didn’t used to think this way, but now can’t help but think that the listed company structure for consulting companies is a broken model, at least in Australia. Limited incentives for staff results in top performers joining employee-owned organisations or setting up new firms in competition with Cardno. Management responds by throwing tantrums and wasting senior management time on legal action against former employees, making enemies in the process. The model may work better in the US where scale makes it harder to set up on your own, but Cardno results aren’t encouraging there either. I continue to hold in the hope it can’t go lower and that earnings must surely bounce back to historical levels, so perhaps not wise to listen to me.