Ann: FY 2018 Results Investor Presentation, page-15

looks like a short-covering rally ...................

Operating results - pretty much inline......

problems:

1. margin compression despite P&G (apart from Singapore!)
2. Propel is beating them at their own game in NZ....
3. inc in risk assets inside the pre-paid funeral bonds ......
4. as Bkrdzn points out - debt metrics almost tapped out re funding P&G + acquisitions...

offsetting this is a rtn to more normal death rates in Oz.....

rgds
V_H