An excellent result right across the board. The only two issues...

An excellent result right across the board. The only two issues I picked up on were (i) there still needs to be more work done to manage expenses and (ii) the forecast for the second half is essentially flat (first half is 52% of mid-point of forecast range).

So long as revenues keep rising faster than expenses then the expense issue only becomes problematic when revenues stagnate.

Likewise, for the forecast, like most companies I would expect management to be conservative in their forward looking statements so am now expecting a modest lift in second half numbers.