If you think this is declining just wait for 2016, page-4

Agree, I think that's only half of it. I have been doing some reading of the annual reports, announcements and media on HIL since the executive changes and also the few years before to see how the high performing businesses went in those years and who was running them. For those that really know how to read a financial report it is quite revealing. HIL must consider their shareholders rather inept, and if the current regime remains after the AGM shareholders only have themselves to blame. The business, unsurprisingly, now makes zero, and the strategy is apparently correct.