I suspect that you have better analytical skills than I do in...

I suspect that you have better analytical skills than I do in retail VS - however I was referring to revenues for ROW. Pre Christmas orders etc would normally make H1 bigger than H2. That is what I find counter cyclical. No matter what, it suggests that there is significant momentum in the UK. I think with so many changes in the ROW segment, minor moves in margins might not really be overly meaningful, until it settles back into a more normal annual business cycle. It says in the pres that UK margins are lower than HK based ROW margins, so there are really two quite different business segments in this one segment, and a lower margin may mean more UK business being done - which at this early stage is preferable to more HK business for me, as I am suspecting this is evidenceof a new winning strategy.

On another note - I think there is significant upside in this stock as I think it is likely another European country will "do a Sage" in the near future. I think the markets will like that if I am right.