Ann: Half Yearly Report and Accounts, page-11

CK,

year .....naar .....

what should be obvious is the tapped-out consumer - leading to inc in franchise "rebates" .......and falls in margins (due to competition that you described) ......

however - like a (good) pair of shoes - its a touchy-feelly kind of thing re household items ..........

HVN still needs to improve its "sales force" .......

competition will always be there - its a fact of life ......

I like it in the low 3's .....

rgds
V_H