Ann: Dividend/Distribution - IVC, page-6

"Profit up 50%"

Not if you strip out the gain made on pre-paid contracts (which you should).

And if you do, then EBIT is up 9.8% for the full-year (with JH17 being up 12.1% on pcp, while DH16 was 8.1% up, so a good acceleration through the year).

I thought the Revenue line was a bit soft, but the margin experience in the second half was mighty impressive, with JH17's EBIT margin of 18.9% being an all-time record, and 180bp higher than pcp.