I'll get back to you but possibly much better. The COS is calculated using the % provided.
The COS is where they made up ground but they are at 8.3% while their target is 8.0%. This is the challenge - every business either reduces costs or increases revenue to improve the bottom line. Doesn't look like they have much more variable costs to reduce and fixed costs continue to increase.
Ann: Quarterly Report and Appendix 4C, page-23
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