Only minor acquisition spend in H1 ....all the big spend was in F17
And over the last two and half years dividends have exceeded free cash flow (excluding acquistions)
Interesting...bet ya most people didn't know that ! No wonder they encourage the dividend reinvestment plan with a 2% discount. Dividends only partially imputed.
Ecclesiastes 11:2: Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Bit of a profit downgrade .....or if glass half full a disappointing guidance number
Otherwise all honky dory
I think the real problem is the company has a long history of guiding upwards at the half year mark and this time excluding the already priced in recurring U.S. tax benefits for the first time in years they effectively guided downwards on a net operating profit basis. I can certainly understand the markets disappointment with that.
Ecclesiastes 11:2: Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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