This appears overall positive for 1st half results, and more...

This appears overall positive for 1st half results, and more importantly full year if trend remains. Most significant takeaways I see:

* Transaction volumes for Jul to Oct within 1.5% of same period in 2009 (ie. rebound - and reasonably higher than Jan to Jun 2010).
* Revised priving roll-out continues, and in advance of plan.
* Less material is purchase of 88 ATM sites and disclosure of CEO 2013 LTI vesting targets (I would have prefered higher target for 50% vesting, however overall ok).

If transaction volumes hold up them 2011 is looking very good. Not surprising that those with inside knowledge pushed the price up on a weak day.

MJS