http://www.cardno.com/en-au/MediaCentre/Pages/2013-Cardno-Annual-Report.aspx
I think this annual report clearly highlights the companies woes. The revenue went from 1b to 1.2b but profits were flat, this has led us to the situation of today.
Some serious alarm bells should have been ringing by then. The report also mentions Caminosca (in glowing terms)- Entrix and ATC (now sold) were underperforming.
What Crescent are doing is ditching the laggards and returning to a business that can make 70m NPAT on 1000m revenues. That business hasn't gone anywhere it's just been hidden under the bad aquisitions.
Capital Raising, page-138
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