Ann: Appendix 4D and Interim Financial Report, page-6

Div is good news. Revenues up 10.8%, but EBIT margin only up 2%. I suspect the market was expecting higher earnings for the half, even in the face of the demurrage charges etc. Narrabri production guidance having another setback, hopefully back on track FY20, but seems to be full of surprises.

That Adani bird news is a slight positive today perhaps for WHC if it holds up competing supply, unless the market decides that regulatory uncertainty can also hit WHC. I imagine Adani is not so fussed about doing more to help protect those birds, they seem to have misjudged the hurdle there.

I shorted the opening match - will see how i go - have no strong medium term views, just feel that the news today was a bit worse than expectations, and the market may need to recalibrate how profitable the coal washing is IMO, not that it isn't obviously the right decision.