My Thoughts… Prior to the release last Q report I was curious about the labour contract which ADF finalized with the craft personnel which to me would be one of the key factors to augment my holding. The CEO himself replied in a timely fashion:
"Our unionized employees include welders, fitters, overhead crane operators and journeyman.
Hoping this answers your question.
Thank you again for your questions and confidence.
Regards"
The fact of locking in your labour force for five years basically eliminates the threat of labour shortages and the heavy fabrication/erection backlog mitigates many of the risks involved in this type of service industry. Workers thrive on long term employment and benefits which adds stability for their families. With this comes the issue of too much backlog, spreading supervision and management a little too thin in some cases, necessitating the need to expand facilities or consuming similar companies. What I have read this family run business has the expertise in addition to the key personnel required to make this happen successfully. Great story here with a low float, think I'll hang arounf awhile...