The key question is whether the sale of the 50% share of the...

The key question is whether the sale of the 50% share of the Pooling business $160m was above or below 50% of what PACT paid for it??? If it wasn't expect a write off at half year.

Having said that, any material change in Profit/trading should be updated to the market before the half year is announced as part of full disclosure.

Remember, when you take so many heads out of a business in a shot period of time, yes the savings are there but the chaos that reins takes some time to settle down.

In general I expect revenues to be on par with prior year if not slightly soft, benefits of resin prices should see an uplift in margins so outside of the possibility of write downs I don't expect to see anything massively negative, but on the flip side I don't expect to see massive gains. Remember customers are also savvy, they will know resin prices have come off and will be expecting some price relief.

It will be an interesting ride if Ruffy can's get to 90% in the coming months!