Yes, sorry what I had meant to say was that the H1 margin was...

Yes, sorry what I had meant to say was that the H1 margin was reverting back to H1 FY17 (DH16) levels (more or less). The real point, however, is that reading too much into the H1 FY18 (DH17) result, as reading too much into any half year period, least of all a H1 period here (given how slim the H1 margin is) is kind of pointless - as you say.

But I would add, that when margins get as low as they did in H1 FY18, comparative changes are particularly meaningless.

And yes, you have well made the point, on more than one occasion I think, that the balance sheet trend, of recent years, is much more telling. I would add further, that the margin trend of late (lat few years), even allowing for currency influences on the GM, is very telling too. I would finally add (and this obviously related to the former) that the trend of cash consumption (total_capex to OCF) is quite telling also.