Ann: Half Year Accounts - Appendix 4D, page-3

I am not sure that i can share the same optimism, below is quite a simple graph that continues to illustrate what is occurring within the business.

Revenue has been range bound to declining over the past 10 years, which is in contrast to real construction expenditure over the same period (source ABS data). Margins continue to slip, aka - marketing 101 death spiral, revenue slips so management drops margin and tries to buy work, it just doesnt work, ie Masters Hardware.

Finally, in spite of efforts being made to contain expenses, these continue to rise.

Perhaps i am missing something. . .
Graph.jpg