Ann: Half Year Results Release , page-4

mike01,

I also don't have too much time at the minute to go into all the detail, but - with respect - i think that the reason you are struggling to understand the share price response, is that you've failed to discern some of the most salient and pertinent aspects of the result.

Despite some serious disruptions to some of their major businesses in the half, it exceeded some of the key assumptions I had in terms of my investment thesis.

I actually see this as the most promising result yet on the path to shareholder value creation since the turnaround process began.

Under the circumstances experienced in the DH, this was a highly credible result.

I've just come off the result teleconference.

If you missed it, you'll be well served listening to an archive of it.