I have just reviewed HUO's half year results. While a TGR/HUO...

I have just reviewed HUO's half year results. While a TGR/HUO comparison is no longer a "like for like" with TGR purchasing DeCosti and fundamentally changing the TGR business model, the comparison is still useful to see which strategy is the best for shareholders.

	Column 1	Column 2	Column 3
0		TGR	HUO
1	Revenue	226.8	131.1
2	op ebitda	41.3	15.9
3	op ebitda as % of revenue	18%	12%
4	op npat (m)	19.3	4
5	op npat as % of revenue	9%	3%
6	op eps	13.11	4.58
7	gearing	35%	19%
8	cash flow (m)	25.5	17.2
9	cash flow as % of revenue	11%	13%

Based on these results, the TGR strategy, IMO, would appear to be creating much more shareholder value.

HT1