Ann: Half Yearly Report and Accounts, page-6

Yes, on the surface it looks good but the bottom line disappoints again. I contacted them for an explanation on how revenue can go up and expenses down and still end up with a bigger loss. Anyhow, it seems they are deferring some cost savings such as the reduction in headcount/streamlining of services.....don't ask me to explain the reasoning of this or how it works. Anyway, I think they are putting all the bad eggs in this result and hoping to show a massive turnaround in H2 where a number of cost savings will be included. Time will tell but I will wait and see how this ends with the H2 results.