Ann: 3 Month Trading Update to 30 September 2017, page-3

I thought it was pretty good. the core businesses and core markets are going ok (ie, MHJ in NZ, Aust, Canada), it is the new and unproven business/markets that is underperforming (Emma & Roe, US). It is better that way around than the other way round.!

both of those initiatives are currently a drain on profits. if mgmt. can't succeed in the US, or with Emma & Roe, then there is a one-off hit to shut them down. Without them being as drain on profits (either because they develop so that they can wash their own face, or because mgmt bullet them) then the core business looks even cheaper, IMHO

GLAH