look at the leverage, page-19

Situation/macro re all engineering stks is deteriorating on almost a daily basis. IF TSE management is serious about longer term future of this company they need to sit down wih employees asap and (leading from the front) eplain everyone has to take a decent haircut in wages/salaries. Leaving things as they are will see Mr Mkt lose what little confidence he has left and banks will step-in and seize assets before they crumble even further in value. The past 5 years have been a disaster for LSE shareholders whilst staff have benefitted. The boom is over! TSE couldn't make ends meet in the boom. Unless major change appears soon it's looking dire. avoid. safety paramount now.