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Trading update well received

Trading statements time, of course these are always in the mix. But December year ends will dominate, in this case it is the half year. This morning we have seen a trading update from Discovery. Normalised headline earnings per share are expected to be be between 15 to 25 percent better than the corresponding period (and in the period prior it had grown 20 percent), but earnings per share and headline earnings per share are set to register between 30 to 40 percent growth when measured against the corresponding period. So on a "normalised" basis, expect around 290 cents per share for the half, whilst HEPS is expected to be around 300 cents per share. Results are expected next Thursday and we will cover them with a whole lot more detail. The stock is enjoying a fabulous day, up nearly four percent after a recent rout, which was across all emerging markets. Good. Happy with this and confirmation that the business continues to grow.


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