Ann: Cardno 2017 Half Year Results Presentation, page-3

I think the market response today sums it up. I had to hunt through previous years reports to verify your post. Aid work was previously split between the US and Australia and included some Engineering, no longer. It reported losses but you are correct the Australia part did report a decent profit. Its hard to know in this report if the US is still performing worse than their Australian division. Its hard to fathom how working in high risk environments is worth this return. The buyback is the big ticket item for me, Crescent improves their position through this tactic. I'm not a holder these days so my opinion is not valid. I have no intention of buying back in and cant see a material benefit for retail investors.