Ann: Half Yearly Report and Accounts, page-8

The one-off gain which boosted them to profit will not be repeated so therefore the operational results will speak loudest going forward. It's a bit like someone posting a profit on account of the tax treatment /position of their assets. I thought that only Macquarie were gifted in this regard - financial and taxation engineering all in order to construct a profit. The position here, then, is what will they rely on in H2 in order to deliver up a profit given that H1 was operationally -ve by a significant margin and the GL footprint is about to be jettisoned.