Ann: SFH FY17 Investor Presentation, page-2

Average result for sure. Whilst underlying ebitda up on prior year, second half challenging. Like for like sales down 2%; business is taking knife to stores, closing some 10% and aiming for sub 1,000 stores by end of 2018. Company says earnings momentum in progress, whilst finding conditions tough at present. Clearly moving aggressively to change portfolio of stores. Ebitda +$26m looks deliverable as cost take out continues.