Ann: Appendix 4C - quarterly, page-25

Thats what I thought, with a reduction in operating cost and improved sales and margins (disguised a little by the purchases for Q4FY and taken on trust) and with the possibility of FR blue sky I'd give it a C+. I'll be interested in the dialog around FR sales projections and will try to ask the question when the webanair starts. I think market reaction will depend on new money verses old. Those burnt will need to see more evidence of a turn around and those taking a punt will be looking ahead to a Q4 company breaking even with FR to come. If I was new to the share I'd be building a position.