Ann: Half Yearly Report and Accounts including Appendix 4D, page-2

I was hoping to see EPS for H1 at circa 10.8c, rather than 9.8c. 10.8c in H1 would have given me the hope of seeing a slightly better H2 to get an EPS of something like 21.8c to 22c for FY17. Now it looks like FY17 may yield an EPS something like 19.8c to 20c. It is disappointing to read that the one-off $2.8m set aside in H1FY16 to cover customer reimbursements has been replaced by higher expenses and margin erosion. An extra $3.8 before tax would have saved the day.

The current SP probably represents reasonable value for now.

With NCML and TFS out of the way, and regulatory threat mitigated (not obviated), Mangagement can now focus on expense management and those marginal improvements that the Japanese made famous in their post-war recovery, and which is called kaizen – best translated as continuous improvement.