OK, on the face of it there's something very wrong at LN. A 1% fall in turnover to £1300M means £13.13M there or thereabouts. A 15% fall in operating profit to £280M means £49.41M there or thereabouts. Someone at the helm needs to do either and/or the following. Reduce costs...... Increase margins...... Reducing costs will mean at not very jolly Christmas for LN folk. Increasing margin (in a price sensitive market) means reducing cost of sale which for LN means sales commissions or margins given to third party vendors.... But looking on the bright side, there is a long way to go before IRIS considers making a bid for LN/RE.