The next six trading days will see most mining services companies report interim results. We expect positive commentary around pipeline opportunities, but wary investors will be focusing on costs and margins following NRW Holding’s (NWH, Not Covered) result yesterday. COVID was blamed for NWH’s margin squeeze and it is obvious competition for skills in a much less mobile labour market has intensified. We do not expect weaker margins across the board, but it will be a key topic in company commentary.
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