Ann: PGR Half Year Results Announcement, page-6

we'll see how it stacks up after august. this result has already been well flagged in the december update, so market is becoming harsh. the key is the increase in % of the wholesale volumes, and stabilisation of retail which will lift H2 result.

Global expansion of business into japan, singpore, and domestic wholesale expansion coles , woolies should boost 2016 result.

any accretive retail platform acquisitions, int rate cuts should boost future periods.