@jg123456 "So if Q3 growth slowed compared with H1, then what we...

@jg123456

"So if Q3 growth slowed compared with H1, then what we are largely seeing is a repeat of this seasonality, I would suggest."

Ok, that was probably not the right thing to say. What I meant was that this very pronounced recent seasonality is likely to be obscuring the overall the trend.

It is true however, that there were very large spurts of growth (in export revenues) in FY's 2015 and 2016. But these were the consequence of large investments in capacity. Whilst the export margins are as low as they are, I expect growth will come at a considerable cost (in terms of returns on capital). As such, prudence would dictate a measured approach - which is what I expect from ARB management. Chasing 20% annual growth, when it involves low returns on capital, is a sure way to the poor house.