Mining services update HY2015

Revenues have fallen, assets have been written down and share prices have tumbled; mining services remains a dangerous part of the market. But there remains a case for dipping in.

We knew what we were getting into when we waded into this sector. We knew it was cyclical, competitive and capital intensive; that demand was falling and that businesses would need to adjust to lower revenue and lower margins – but things have turned out even worse than we expected. What's more, there are no signs of improvement.

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