Ann: Appendix 4E - Preliminary Final Report, page-45

There could be consequences for the vote on the remuneration report later. But I think most will be too lazy to vote.

Management had two jobs: (1) run the existing businesses well, and (2) acquire businesses at accretive prices, and integrate and find revenue and cost synergies. I can't tell if they have been doing either well. Seriously, at EV/EBITBA multiples of 5 to 6, there need to be a number of lemons in the portfolio of acquisitions and/or management has found dis-synergies (so annoyed that I'm making up words) to deliver record high expenses to revenue margin.