coffey now paying dividends, page-13

FB,

The “deterioration in financials” of which you speak, I assume they are different to these, which I have sourced from the company's audited financial statements:

EBIT:
• DH2010: $10.4m
• DH2011: $15.9m
(Change: 53%)
• JH2011: $10.2m
• DH2011: $11.7m
(Change: 15%)


OPERATING CASH FLOW:
• DH2010: $4.2m
• DH2011: $10.8m
(Change: 157%)
• JH2011: negative $9.1m
• DH2011: $11.0m
(Change: n/a%)


Employee Expenses/Revenue:
• JH20111: 51.5%
• DH2011: 49.4%
• JH2012: 48.0%


Net Interest Bearing Debt:
• JH20111: $124.2m
• DH2011: $80.3M
• JH2012: $66.4m


Net Debt-to-EBITDA:
• JH20111: 4.0
• DH2011: 2.3
• JH2012: 1.8


Presumbly your source documentation is different to mine.

Alternately, I must be looking at different company to you...