My take was mildly positive -
1. Australian operations holding well, some weakness in Victoria. General law on budget.
2. UK operations showed improvement in first quarter. Inquiries stable, however better quality revenues coming in. General law on track, SGS runoff behind schedule, Nihl continuing to disappoint. However significant improvement noted in UK cash flows.
3. UK liquidity still dicey, productivity measures (stage 2 of 4 point plan) now underway. Implied support of financiers. Priority in FY17 - further improve UK group cash flows. Textbook stuff.
Although UK continues to be in 'transitional' mode SGH is in a growth sector and is well positioned to take advantage as opportunities present themselves.
Patience needed, guys.