P9 In relation to the US business: "Cost of sales were higher...

P9 In relation to the US business: "Cost of sales were higher than expected in the second half due to a number of factors (including a number of weather events and congestion) that were not adequately managed internally through our risk management and trading processes. "

P21 sees a loss of $9m on financial instruments relating to the US retail business.

On paper it looks like someone pressed the wrong button in H2 in relation to their hedging, which goes a way to explaining the sub $4 gross margin in the second half.

The more I look at it the more the underlying business is going well.