Ann: Half Year Report and Accounts, page-11

@madamswer & @travelightor

I went to update key HY financials on my spreadsheet and realised I hadn't even updated my FY16 financials (is that how blase I have become??).

I'm not overly concerned about whether the fact that ROE's are not quite what they used to be, for this point of the cycle. The main reason I'm not concerned is that the continuing trend is one of improving gross margin with the CODB margin remain fairly steady. For a business offering premium service and product, I think this is comforting and it indicates to me that investments made have been, and will be, worthwhile.

But, and apart form Travelightors comments, even if we accept that tomorrows ROE's will be less than yesterdays, an incremental ROE north of 17% is well worth investing into. Also, I think what we are also seeing in the last few HY periods, is a strengthening balance sheet, which is detracting from the ROE trend. The ROC trend should look better.

My numbers indicate that the growth in operating earnings in recent years, well justifies the investments made.

So, in reference to our friends at a biotech forum that shall remain nameless: "How dare you question my business!!!! Down ramper! Shorter! Trader! Broker! Villain!"