Ann: Cardno Provides Market Update and FY16 Guidance, page-162

I'm not exactly looking forward to the result but I am intrigued. I pray there are no further write downs and take your point on New CEO and owners wanting to make it look as bad as possible so they can look like superstars in the turn around. I think this is a good medium to long term investment and you are 100% correct on the current price. To me it defies a bit of logic as I think in principle it is a well positioned company and certainly not Robinson Crusoe with the need for major structural and operating reform.

I went back over the strategic review and think that the utilization issue is the major concern, It basically says they have 20% too many staff. For me making this change whilst not disrupting service levels is paramount and I feel this can only be done by much more aggressive integration. But I think Mr Wankmuller has hit the nail on the head with his offshore centres and more focused operations. I'm intending to increase my holding in the coming days. Possibly the best value on the market at present.