valuation?, page-12

My reading of the Macquarie Conference presentation is a message coming from RQL management, asking shareholders to be patient with this years results, but be optimistic with the results for next financial year.

Delays in acquring extra equipment mean that the earnings imapct of this new equipment will not be seen until FY12. Also the acquisition of Dewatering Services will deliver results in the medium term. It will take time to achieve the sales synergies from introducing DSA's clients to REL and vise versa.

I believe this business fits into a nice niche in the industry and has a bright future in the coming years. Look to short term sell offs to acquire more at reasonable prices.