I though it was an OK result under the lousy macroeconomic...

I though it was an OK result under the lousy macroeconomic circumstances, but the operating performance was masked a tad by some favourable non-operating items.:

While second-half PBT increased by 18% (first half increase was 7%), this was boosted by a much lower net interest expense (32% lower in second-half vs pcp), meaning that EBIT growth in the second-half (+7%) was similar to that of the first half.

So while quality of the bottom-line result is not quite there, to be growing operating earnings in high, single digits in the current crummy macroeconomic settings is a statement about the quality of the brand.

As is this picture, showing record GP Margins achieved in the past two half-years:



Despite that, the top line keeps growing.

.