Agree ASH - plenty to be positive about at this price although...

Agree ASH - plenty to be positive about at this price although the upcoming HY will be something we'll quickly want to put in the rear view mirror.

I'd love it if the H1 results gave us some real insights into PGR's unallocated costs. These costs make it really hard to determine a standalone valuation for each of the major business units. It's also unclear how profitable the new wholesale contracts have been and whether the marginal retail growth is driven by higher, but heavily discounted volumes (which I suspect it is). But as you say, the market is in a clean out phase and the survivors will eventually get a more favourable operating environment to do business in. Let's keep our positive hats on and hope that starts from H2 ;-)

Would also be nice to get some detail on the new Chairwomens 'dual-track' strategy to realise shareholder value.