Septic, you're right that Valmec would be more confident with...

Septic, you're right that Valmec would be more confident with their latest win in the courts against JH.
The rest however, you've got the wrong way around.

Valmec is the claimant, therefore immaterial provision in the accounts means anything they recover will go straight to the bottom line as they have made "little provision" in the accounts for recovery. It will also come with a sizeable boost to cash.

If they don't recover anything at all, which is now highly unlikely, it will have no bearing on the bottom line and no impact on cash other than legal fees.

This is a great conservative position that has only upside for us investors.

As for the first half results, didn't they explain that as being a slow start to contracts on hand, along with a bullish prediction that this years results will be better than last?

All signs are positive, along with a slow recovery in shareprice.