What confused me is that management were very positive on the...

What confused me is that management were very positive on the result but the actual numbers (domestic part) were not great. The heavy use of adjusted results seem to be a little overdone. My understanding of the audited accounts vs 'adjusted' accounts is that management are counting what dealers should have paid, instead of what they actually did pay. As the other poster said the audited results were 'shite' but normally management is a bit apologetic in this scenario or at least making excuses. There was a fair bit of chest thumping etc about how good this result was. The reduction in revenue seemed to be explained away by the reduced tyre sales volumes. Thanks for the update.