I have no doubt that the creative finance team is trying to gild the lily by comparing to prior half, but I think the PCP is more relevant for a raft of reasons and a better indicator of the health of their business. On a PCP basis their US revenue is down considerably, Aust is flat (much admit I was expecting worse) but the commentary around Latin America is very troubling as is their suggestion that maybe impairments are to come for their US and Aust businesses. It is also what they don't say that is very telling. While all their competitors have seen extraordinary growth in their online divisions not a peep out of AGI about that performance of their business. Why then the big recent price move with no clear improvement in their biz fundamentals.
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