TNT Chart, page-4990

I believe they will, but it depends on a few things. E.g. they are spending money to establish an Incident Response capability. This is good from an organic growth point of view, but we don’t know how much that will impact margins in H2.

also there is an unknown with impairments - they are non cash, but do affect the bottom line.

So I am modestly optimistic for a first positive NPAT, but not totally confident.