I looked at the results again, looks really bad at first but if you dig deeper one can see there is progress. If we look at the future we have a order book which is 2 billion rand higher then 6 months ago, Net debt sits at 35 million from 1,3 billion debt 6 months ago.
"OUTLOOK AND PROSPECTS A positive outlook for McConnell Dowell is supported by growing markets that will sustain robust demand for new infrastructure. The economies of Australia and New Zealand are expected to be strong and stable in 2019 and 2020 as a result of several large-scale infrastructure projects that are underway and strong demand in the road and rail transport infrastructure sectors along the east coast of Australia, driven largely by higher levels of public spending by the Australian government. Against this background, McConnell Dowell will grow and diversify its order book in selected markets. The ECI status ensures that McConnell Dowell is well positioned to secure additional work in the near term. The business continues to focus on improving the consistency of its project execution. Moolmans’ immediate focus is on fully implementing the remedial actions of the Group-led turnaround intervention. Moolmans is also focused on optimising and extending contracts in its current portfolio to restore planned operational and financial performance. Moolmans continues to pursue selected new opportunities in improving market conditions. Grinaker-LTA has a limited order book and prospects for acquisition of new work in subdued operating conditions. Businesses earmarked for disposal within the operating group continue to be right-sized to achieve the financial objectives of potential new shareholders." (extract of the aveng interim financials)
I think management is on track and this will reflect positively on the share price.