Yeah, should be slightly ahead in absolute terms even if you assume there's no margin improvement in 2H. Some very rough numbers:
i.e there's enough revenue growth to offset the lower margins, and 2H improvement was in respect to margins rather than just absolute performance.
Was hoping there would be a more definitive response to balance sheet pressures in the AGM commentary. "Our capital structure is considered appropriate and fit for purpose". "We remain comfortably within our bank covenants". You'd hope for something more strongly worded like "the Board has no need to raise equity", wouldn't you?
Sounds a bit like wiggle room. On balance, my sense is absent any further deterioration they'll make it through unscathed. Any worse and they might need a bit of breathing room.
Yeah, should be slightly ahead in absolute terms even if you...
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