My initial reaction is that it was a good result but there were a few things which took the gloss off the headline increases in earnings and dividends:
1. a poor result from logistics (but optimistic statements made about the future)
2. increase in debt (but still a strong balance sheet) - I need to consider the working capital implications further
3. disappointing cash flow
Still a core part of my portfolio.
Ann: HALF YEAR RESULTS PRESENTATION, page-4
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