Ann: Half Yearly Report and Accounts, page-6

You're quite right spielly. But I don't think they had much choice in the matter - they were bleeding heavily.

So they've pruned the business pretty hard, offloading the badly performing parts - and sales have fallen as a result. But they've stemmed the bleeding.

So now they've got a smaller but higher quality asset base. Their challenge is to grow sales. If they can do that - and their strategy is now focused on doing just that - profits should start to roll in.

It may take time, but I think patience with SRH will eventually be quite well rewarded.