Gralynchett "So what I want to see is a return to mid 40’s...

Gralynchett

"So what I want to see is a return to mid 40’s margin"

I did revist the half year results and commentary a couple of weeks ago and admit the above comment is probably more wishful thinking than anything else - as you point out strategic hiring, promotional expenses and investing in the business will come at a cost and probably not deliver that much in the 2nd half (re margin growth). Provided they are spending the money wisely (ie making the right investments for long term growth) I will not be too concerned if the margin does not get back to the mid 40's. However if it keeps on sliding down, say to mid 30's, then I will review and have to make a call re hold or sell.