2016/17 Full Year Results, page-55

Nice pickup, I've shifted onto a buy sentiment from hold. I just feel that a year of no real controversy has probably been good for them and they will have been able to refocus. There is consolidation happening all over the place in this sector. At one stage Atkins were thought to be looking at Cardno, then Aecom. I note Atkins has been snapped up by a Canadian consulting firm and having zero debt Cardno must be looking quite attractive.

I just hope that Cardno does not shift back to "acquisition at any cost" but I'm pretty confident that won't happen. The Japanese firms are starting to be active again so maybe they might make a move as per the Arcadis/Hyder/Nippon Koei. I think that might make us all quite happy. I'd think now is the time as in another 24 months EBITDA should be well nth of $100 Million.