profit guidance up 30% to 38%, page-8

I certainly had a gut feeling that there would be a profit upgrade, however, I was expecting that the upgrade would come with the release of the half yearly results in late Feb 2014. The fact that the upgrade came less than two months after the initial guidance was given at the AGM is just extraordinary.

The cash cow is certainly putting out. The full year upgrade still smacks of being conservative.

The share price will probably drift down in January and February as the upgrade is forgotten and then the market will be surprised when the half yearly results are released with a 38% increase in profits. That's the market for you, frustrating, but full of opportunity if you play it right.