Ann: Guidance Update, page-10

Yes, agree, and in terms of eps we might see most of those earnings making it to the npat line, given relatively low finance costs and tax offsets still probably outstanding.

Any amortisation of Goldings goodwill should be ignored by the market given how positive the acquisition is.

The best thing about this announcement is it sends a clear message that NRW margins are holding up nicely which hopefully creates a strong narrative that it is not one of the companies that has been chasing revenue and increasing risk.