SNL supply network limited

Ann: Chairman's Address to Shareholders, page-4

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    The forecast is well within the bounds of recent margins, there is an implied EBIT margin of 10%.

    Margins have ranged between 7.9% and 11.2% for the last 14 half year reporting periods. The average over that time: 10%.

    This update shouldn't be startling and is one of a long line of examples of management tempering expectations.
 
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