Hope that is not entirely true. Undoubtedly they are suffering...

Hope that is not entirely true. Undoubtedly they are suffering the same headwinds as their competitors, with a prolonged squeeze on geotech work volume and margins now that the once in 50 year mining boom is dead. Some of their bigger competitors are suffering more than Coffey (eg, the biggest supplier of Geotech testing services in Qld). Apart from the sector-wide squeeze, what is hurting Coffey at the moment is the debt leftover form a misguided expansion campaign where other businesses were acquired for inflated prices at the top of the cycle. A few more years’ pain, but the cycle will inevitably turn as market capacity is culled. All we have to hope is that Coffey can keep market share until the pick-up, without incurring crippling losses.