Ann: Half Yearly Report and Accounts, page-6

Ok, I'll take my devils-advocate hat off for a moment. I actually think 8% growth in underlying earnings, under conditions that are probably less than buoyant, is commendable. For earnings to grow at a a greater rate than revenues, when less profitable exports are increasing, is pleasing to me.

An 8% earnings growth in a business that has a dividend payout of about 53%, corresponds with a return on year-start equity of about 17%, which corresponds with a return of average annual equity over 15%. Which seems about right to me. I think a 15% ROE, in what I suspect are cyclically low conditions, is good.

I would pay a lot for a business that holds the promise of generating 8% earnings growth for a long time to come (now I am not necessarily saying ARB is guaranteeing that).