The falling in gearing to 32.5% to me is a win, although I don't love that their range is 30-40%. I'd much prefer to see this continue to drop under their range. Reduction in borrowings, will also call that a win.
My biggest 'ugh' moment was the suggestion of a capital return; would far prefer any spare cash to go on borrowings or additional buy-backs. But, I tend to prefer being a bit more conservative these days.
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