Short squeeze, page-24

The ann isn't that negative actually. The offshore businesses are doing well, but Australia is bringing NPAT down to bottom end of range as midpoint. However, the lower margins in the first half & corporate (previously flagged) have now recovered and are near prior year record levels albeit with slight increase in wages cost base. Globally the travel industry is growing (Airbus predict the fleet servicing South pacific region to double by 2033), and the US business EBIT is up 50% this year. This downgrade to previous guidance is not material or symptomatic of a problem in the business or the industry , in my opinion.