the real bad news, page-11

Its interesting that noone has stated what may be the obvious, being that the new MD has been in the seat six weeks and looks like immediately downgrading earnings to assist looking much better later?

Doing something like this may be a smart move to clear the decks. But one is getting a bit dizzy, this being downgrade three!

It may just be the 'rule' of 'taking a bath' when you start the new job and base your earnings on the lowest level to naturally outperform later?

How much would have changed in six weeks to warrant a fresh 15% cut to guidance I wonder? The new MD has six weeks useful experience to assist her in quickly coming up to speed with the business and meet stakeholders.