I also attended the AGM and can definitely back up the...

I also attended the AGM and can definitely back up the 'positivity' of the meeting. There really was an upbeat atmosphere among the nimble board (pretty much just Robert and Andrew), and it smelled of confidence.

One thing to add to firsova's comments (which were all terrific) is that the 550 staff that were let go through the year should prove fantastic for the margins next year. With the UK bearing 18% of its staff, one would think that trimming the fat should help boost profit.

If the staff that were let go were earning on average $40,000pa, then that should equate to $22m in savings next year.

I was also impressed with the fact that Revenue in Canada and ANZA both declined by 1 - 2%, however EBIT in both regions was up 21% - a remarkable achievement in any business. Most listed companies are in the habit of increasing revenues but decreasing margins. The few that grow revenue and grow margins are looked upon very positively.

Anyway, I think plenty of boxes have been ticked, with plenty more to come.