If they had a genuine competitive advantage over the other 3...

If they had a genuine competitive advantage over the other 3 manufacturers they would have a full order book. The notion that Matrix has a competitive advantage has come from Matrix's comments - being world class facility etc.

However, this has not translated into anything tangible in terms of orders. As noted, historically they have tended to pick up a third of the work quoted on, has this level increased - that would indicate customers favour Matrix's product.

Imo, the primary determinant of orders is price, with the exception being during periods of strong demand exceeding product capacity drives up the price - thus the expanding gross margin durnig these periods.

I have yet to see any proof that they have any competitive advantage - other than the fact they have a new cutting-edge facility. Where is the tangible evidence?