Their outlook shows how strong the services industry is for energy and mining at the moment.

Outlook

• Significant number of prospects across broad range of commodity markets

• Australian iron ore industry expected to remain buoyant

• High global demand for battery metals driving significant investment

• Favourable conditions in oil and gas sector

• Australia’s transition to clean energy to provide wind and hydrogen opportunities

• Strong demand for maintenance services across all sectors

• Labour shortage remains most significant challenge

• Strategic approach to new work opportunities

• Focus on employee retention, attraction, training and development

• New wave of major construction projects in the pipeline

• Delays in timing of project awards and commencement

• Anticipating decrease in FY23 engineering construction revenue before ramp up in FY24

• Forecasting 5-10 per cent reduction in Group revenue for FY23

• Strong balance sheet to support service and market diversification

It's a cyclic business and I'm getting back on the bike - in a small way.

The standout point in their recent results was that engineering and construction revenue was up 68%. Their EPS for the half was 33c when it was 38c for the full year last year. pe/e on epsttm is now 27, but the forward p/e (assuming 60c for fully year) is 19.

MND are a more diversified company now because they had to be to survive the mining services crash. They diversified into multi-year maintenance contracts and have joint venture businesses in other sectors such as renewables and civil engineering.

Their report pointed to a strong outlook

• re iron ore. "Ongoing capital and operating expenditure required to sustain the high levels of production in this sector will drive strong and steady demand for engineering construction and maintenance services."
• "The long-term outlook for the renewable energy sector is positive with a pipeline of new wind farm projects expected to come to market in the next few years, particularlyas electrical grid access improvesin NSW and Victoria."
• Demand for maintenance services is expected to grow steadily on the back of aging assets and customers deferring non-essential work in prior periods.
• In the more immediate term,resource sectoractivity in Western Australia is expected to remain strongin the second half of this financial year, resultingin increasedpressure forthedemandofskilledlabour.

This commentary supports my broader view that there is going to be a lot of infrastrure built in the coming years. The Govt are going to spend on infrastructre and I think the cashed up miners will too because they have cash and have publicly stated that are adapting to climate change. FMG are putting aside 10% of their profits each year ($8B this year) into a clean energy fund in order to produce green steel - steel produced from their iron ore using renewable energy. They are investing in hydrogen. Have a look at Andrew Forrest delivering Boyer Lecture. https://iview.abc.net.au/show/boyer-lecture-andrew-forrest