Ann: Half Yearly Report and Accounts , page-7

The weighted ave calc is a nice theoretical exercise. Where its misleading is when theres been a really big share dilution during the period (as here).

Then it becomes useless and downright dangerous for extrapolating eps going forward. Unfortunately, the reporting rules dont allow any leeway, so companies in that situation must calculate by the stipulated formula, and end up reporting a misleadingly high earnings ratio. The onus is left on the reader to recalculate something useful.

Coote getting knocked back today.