I think for all of ERG's hype around the technology and so on, they are still in an intense price-competitive market so margins are thin to start with. As their projects drag on over the years, costs increase, delays increase, the margin erodes then descends into negative territory.
The other divisions - small and operative - look fine, but its a bit like saying only the front of the ship is sinking and the back is still afloat.
technology
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