Who the hell is buying ??, page-116

The trouble with the 'debt has gone down because the pound is weaker' observation is the earnings and goodwill of the Uk division is also weaker. Get it?

I would imagine cash would be in the 60 - 70m range now spid. The update states an improvement on second half FY16 which was -20.9m, but still negative. So the middle of that of that negative range may have the cash position around 70m.

They also flagged the further impairment of the UK division which will likely result in non-cash charges of tens of millions of dollars to the balance sheet. This will lower the enterprise value further and increase the company's gearing level.

The share price may not react severly to the HY report as the value has dropped significantly on the back of the update,. However, based on the last two years this may be wishful thinking.