Yeah its no good.
Some aspects should be of no surprise, like stockco getting whacked around by El Nino in Australia. In the full year result I was pretty scathing of them using some of their economic overlay provision and not topping it up, which looks like has come home to roost (but in a different name now, a "post covid recovery" provision), but has written back higher than I would have expected. I also do not consider it appropriate to remove the movement in the provision from underlying earnings.
"Short term operational performance challenges" - pretty vague for a big number!
The messiness of the numbers and its presentation leaves a lot to be desired.
I didn't expect them to meet guidance for this year but likewise did not expect this announcement or result. To have issued guidance that high only to backtrack reasonably quickly doesn't sit particularly well with me.
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