They operated in America for years priot to the write down last year, and they organically grew that business instead of value destructive acquisitions. I think the decline in the core Aus business forced a big move in the US which subsequently blew up whien the forward flow agreements they signed where overpriced and came in greater than expected. The US business is frustratingly much less profitable than the Aus historically Aussie numbers and a big amount of capital is tied up in in, ROIC has sunk as a result. The worm could turn in Aus, but that's on the never never.
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