The reason cash is weighted heavily to the second half is due to...

The reason cash is weighted heavily to the second half is due to the time for identified improvements in case settlement to flow through.

When S&G carried out DD on PSD, and in the months after purchase, it is seen that where Slater & Gordonisation of matters is applied it will improve settlement conversion rate; however those changes take time to flow through and far less matters will be ready for settlement in the first half compared to the second half.

All on the books matters have been reviewed against Slater's operating profile and that is why S&G are confident in providing guidance - they know the timeframe of each type of matter and evidence required to convert it. We just need to be cognisant of this and not simply double the half year result to come up with a shortfall for the full year.

Mr Grech wouldn't commit to first half number but he did use the phrase 'heavily weighted to the second half' as per above.