Ann: Half Year Report and Accounts, page-19

@travelightor,

Oh, yes, of course. I forgot about that.
Those late FY2014 acquisitions would go some way to explaining the higher Employee Costs in JH2015.

But then, on reflecting on that a bit further, in that case those elevated Employee Costs would have shown up in DH2014, yet in that period they are up just 4% vs DH2015.

So it's all a bit of a riddle.

I don't like it when financial results don't "hang" together nice and neatly.
(Especially not when it occurs for companies whose stock is rated at more than 20x P/E and EV/EBITDA of almost 12x...)