Ann: Letter to Shareholders , page-2

A substantial change is just 2 weeks from their previous update. An incredible '54 contracts have been cancelled or delayed in the past 6 weeks'. Wow. This indicates how serious the outlook is for all consultancies who don't have recurring work. Even the 600lb gorilla MND has taken a big dive over past month. COF have canned the yr end divi. Watch for other firms to follow suit. Rout in MS stks not over yet imo. However, some will emerge stronger than before. It's a case of carefully examining the macro facing each firm before deciding what to do. Previous figures can be thrown out the window. This mining service crash is not going to suddenly reverse. Boom is over. COF notes than even contracts in oil&gas have been affected. i wasn't expecting that. Update well worth reading even for non Coffey shareholders. Look for more updates across the sector over next fortnight. Just be patient. Good buying opportunities will present themselves. A fwd PE of 4-6 will become the 'new normal' such is the unpredictabilty of things. Firms will sacrifice margins just to stay in business. I expect a surplus of engineers across country emerge. It's already started.