maiden mid year dividend, page-6

did you predict the decline in GP margin from 40.8% to 37.1%, meaning no real profit growth in 1H13 vs 1H12? I certainly didn't. And for Ian to explain this away as "being in line with budgeted forecasts" is very cheeky. No presentations in the last 6 to 12 mths talk about GP margins falling by this magnitude ... there's only ever been mild references (as always) to increasing competition.

On the positive side, 1H sales growth is quite decent at 12.5% especially when compared to 1Q growth of 5.9%, suggesting 2Q growth really fired at ~20%. Hope that trend continues into the 2H!! Also a solid cash flow performance and the sound balance sheet remains in place. And the interim dividend is clearly a positive signal from a traditionally very conservative Board.