Without exception, our mini portfolio of mining services stocks reported lower revenues and lower profits while commentary from management was filled with guarded hope or outright despair. Yet results from Ausdrill, Emeco, MacMahon and NRW weren’t atrocious.
Admittedly, expectations were low. Miners continue to shun capital expenditure, projects are still being cancelled and competition for a dwindling work pool is fierce. In current conditions, simply staying in business is worth a cheer.