Ann: Half Year Profit Guidance, page-5

IMO a good announcement. Ship steadied, growing again, more upside obtainable.

- Revenue and profit inline to slightly above consensus
- Revenue/profit back to 1H19 levels (prior to the fall in 2H19)
- Moving to a subscription model so revenue is now delayed vs previous comparable periods ... this reduces apparent growth whilst the business is in transition.

Note, at the end of the FY19 results pack, IRI presented some numbers/graphs showing the past sales if converted to a subscription basis. I suspect they’ll use these again to show growth on a real basis. Difficult to predict exactly what this will look like, but certainly higher than the statutory comparison.