Ann: Half Year Accounts, page-2

Another metronome-like result in terms of cleanliness and accounting conservativeness.

Good working capital management and further improvement in gross profit margin (which suggests meaningful pricing power being exercised, given the input cost pressures being experienced).

Only possible brickbat is the somewhat parsimonious dividend that has been declared, with the payout ratio falling to 51%, down from 65% in pcp), but it is obviously to provide a capital buffer for the "ongoing development of the Kilburn site."

So, no quibble then, given I'm sure the capital being invested in the site will deliver continued >20% ROCE.

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