The previous profit growth wasn't so much from cost cutting, it was from a reduction in 'other expenses' which was actually a reversal of some receivable provisions if my memory is correct.
For that reason I am very dubious of FSA's profit guidance announcements until I see the accounts however at least today they state it is due to good growth on customer numbers etc.
I did buy a few post AGM when they forecast a dividend increase
Ann: Profit Guidance Update, page-7
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