"working capital requirements are especially acute"
"financial results for the six months period ending 31 December 2022, to be at least 100% down"
This is not South Africa at all, it's Australia and the US. We've seen Wilson Bayly (JSE code: WBO) walk away from their Australian operations.
Low margins and bankers not keen on bonding projects are going to crunch this industry globally. I would suggest Aveng (JSE code: AEG) is not immune either.
The only time this industry really made money was in the run-up to the world cup, and they were colluding to get operating margins of +5%. So really this is a bust industry.
That all said, decent results from Calgro M3 (JSE code: CGR) while we wait for Balwin (JSE code: BWN).