Interesting. On a normalized basis (removing movements in investments) they made ~$4.7m ($1.96 + $2.7), vs pcp ~$3m (4.5-1.5).
Still just noise in the scheme of things. The cycle will turn.
But it does show that these guys don't waste time normalizing accounts to pad the results.
EDIT: Arguably $4.6m this FY, adjusting for the 'write-off' of $81k.
Also the interest earned seemed to carry the result. Remove that and its basically break even.
Ann: Half Yearly Report and Accounts, page-2
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