Not sure there is anything sinister, although I am aure Crescent...

Not sure there is anything sinister, although I am aure Crescent is quite happy to make money at our expense.

My take is that cardno had a long history of buying other businesses and concentrated on that rather than organic growth. And then there was a combination of bad buys, new businesses not bedded down so synergies were achieved and the resources boom fading and oil price plummeting. A perfect storm for Cardno.

It is entirely possible that they will fail to turn the business around, although the new strategy of getting rid of the junk, reducing debt and trying to grow organically seems to tick all the boxes. Time will tell.

I hope this is the final cap raising, but if profits continue to fall then there could be another one. I hope this is the bottom....