Ann: FY12 Half Year Results Announcement , page-6

Pretty much agree, though haven't looked closely at all so far. A flat result, but at historically high levels.

Prima facie, reported profits look locked-in around these levels. We're past the build up phase. That also means we're past the cashflow lag phase. The name of the game going forward, is to convert the two annuity cashflows into strong operating cashflow. Op cashflow is good here, so it bodes well. Small div, but a large one would conflict with the buyback. The buyback window reopens today.