Yes, on balance I was wrong to suggest upside, even if I was...

Yes, on balance I was wrong to suggest upside, even if I was only referring to the immediate future not longer term.

I'm not pleased with the pre-AGM presentations as they don't contain sufficient detail by geography.

However, to be fair, UMG's future is hidebound by what governments are - or are not - doing and how they're managing the COVID-19 situation.

Today with the shares down c. five per cent, the market doesn't like the report and also UNG's debt levels.