BRG 1.51% $33.00 breville group limited

ROW EBIT for H1 was 26.1% v 24.7% for H2. So it is not...

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    ROW EBIT for H1 was 26.1% v 24.7% for H2.

    So it is not counter-cyclical like you suggest, however the decline in margins from 2013 (34.5% H1 and 27.9% H2) appears to be losing momentum and perhaps will normalise around the current levels. This would be a good thing for BRG with margins from the domestic Australian business much lower.
 
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