first time in a long time they have mentioned the d word, so I...

first time in a long time they have mentioned the d word, so I found that a bit more promising. I didn’t say it was imminent - clearly medium term is anything but. They really need to get that debt down before they can do buy backs or dividends.

Their track record hasn’t been great, although I thought they delivered quite well in 2017. As I said not at all sure what to make of it. My feeling is accounts in August won’t be all that pretty which is why they are putting the emphasis on 2020.