Ann: Cardno Provides Market Update and FY16 Guidance, page-154

I suspect that with robust resources and energy markets, CDD thought they were doing enough on the integration front, and management became a bit addicted to making acquisitions for which the market rewarded them time after time with a higher SP, and thought they had plenty of time to integrate in a relaxed fashion, with maybe much lower risk of upsetting any key people in the newly acquired business.  Somewhat human nature perhaps. Now they have a licence to restructure and focus on improving the business, putting everything under the microscope. Key people cannot argue with that, as they can see how much financial pressure CDD's clients are under. These times are good for businesses in the long term usually, and drive significant future returns.

You never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before.
Rahm Emanuel

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