Ann: 1H23 Results Presentation, page-35

The report was as expected and shows that David has righted the ship and put it back on course with some new things occurring across the regions. It is probably no more than what was expected by the market.

Personally I thought the report was probably a little to honest in pointing out the Chinese market situation and the rather large IF market ongoing decline. Whilst positive in the fact that A2m has been able to grow its share, many of the negative brokers and analysts will use it to ram home the strong headwinds facing the company and that growing or even maintaining the growth will be hard. One could ask was it A2m giving itself an escape route if growth stalls.

Personally will continue to hold as can see more upside than downside at the moment and can see David as driving the company further forward especially once Hearn is gone.