Ann: Appendix 4D and FY21 Half Year Financial Statements, page-4

Solid result. Pretty modest on the top-line but pleasing result on the bottom-line and nice uptick in the payout.

What's really interesting is that the traditional personal injury practice had a poor half, revenues fell and the margin collapsed. But this was more than offset by the growth in the other practice areas. The combined effect is that you have an inversion of the respective profit contributions, PI went from 2/3s of group profit to 1/3 and the other practice areas went from 1/3 to 2/3.

I think it's always been assumed that PI was the more stable practice - road accidents, workplace injuries etc. They haven't called out any covid impact on demand so far. The other practice areas are driven more by lumpy class actions. It will be interesting to see what management says about this on the call this morning.

Will also be interesting to see how PI has fared in the Slater & Gordon results when they come out.