They are trading on about 5 times annualised first half result...

They are trading on about 5 times annualised first half result while still growing strongly. obviously there is going to be an element of non-recurring earnings in the first half - would have been good if they broke it down. The didn't refer to any sort of non-operational profit from an asset sale or re-valuation or anything like that so the earnings all appear to be operational to an extent.

Puzzling but surely much more upside than downside from here. Sadly there are obviously punters wanting to get out and taking the opportunity to sell into volume. I've bought more this morning.