I really like Jason -- seems to have a clear idea of where the key strengths of the business lie, and has really helped drive profitable growth since he took over 3 years ago. A no-nonsense guy and a straight talker.

Honestly, I think I'm going to add some EGL to my portfolio on that basis alone.

Here are some highlights from today's meeting:

• EGL has transitioned from a traditional engineering company to one focused on maintenance and services, with over 50% of revenue now coming from recurring service work.
• The different divisions of EGL, including Baltec (gas turbines), Tomlinson (boilers), TAPC (air pollution control), and EGL Waste, are highly complementary and provide integrated solutions for clients. There really do seem to be genuine cross-sell opportunities. For example, EGL Waste brings together service lines like recycling plants, dust extraction, odour control, boilers, and combustion technologies, allowing EGL to offer end-to-end solutions in the waste industry.
• The waste industry in Australia is undergoing significant change, with a ban on waste exports and a requirement to increase recycling rates by 17% in the next 6 years. This is driving $5 billion in spending on new waste treatment plants, presenting a major opportunity for EGL (the largest player in this space)
• Baltec has developed world-leading IP for gas turbine silencers suitable for peaking load operation, as the energy market shifts towards renewables supported by gas peaking plants. This positions Baltec for strong growth over the next 20-30 years.
• The exclusive distribution agreement with Fulton, a global leader in boilers, is expected to drive significant growth in the Tomlinson division without adding fixed costs, directly benefiting the bottom line. Jason really hit this point several times -- it sounded like a very significant opportunity.
• The PFAS water treatment technology is seen as a potential game-changer, with strong interest from clients and a large addressable market, particularly in the treatment of contaminated biosolids.
• Jason emphasized the importance of balancing engineering excellence with commercial discipline, focusing on margin expansion rather than just top-line growth (love it!!)
• EGL has significantly improved margins across its divisions by instilling a strong commercial mindset and implementing rigorous project review processes.
• The company is taking a disciplined approach to growth, focusing on organic opportunities and strategic partnerships that enhance existing capabilities, rather than pursuing acquisitions simply for the sake of growth.
• He mentioned the growth they had achieved without "one red cent" of capex:
• Turmec, Kadant PAAL, and Fulton - were secured without EGL putting in any capital, yet they hve been instrumental in growing the business from $35 million in turnover to nearly $100 million.
• He also pointed out that they are still in the early stages of realizing the benefits from the Kadant PAAL and Fulton deals, suggesting significant growth potential ahead without the need for capital investment.

That last part alone gave me a sense he is a very savvy operator. And, to cap it all off, he's a massive shareholder and has a base salary of $270k (pretty ordinary for the CEO of a $100m listed company.)