you have to break it into its components. The commercial division is performing really strongly with a cash npat of 35m (normalised 42m). This is dragged down by consumer finance which is still muddied by all the shutdown run off costs. Also suffering like Solvar from margin compression due to the back book being way under current interest costs. This should fix itself over the next year, with consumer then contributing to cash npat, rather than deducting.
the normalised figures give a better idea of where we are heading.
