I don't think of myself as a stubborn person. I am here doing a job to the best of my ability.

The place where our margins are really being impacted is in Japan,

We see the recent changes to the competitive landscape in Germany as more pronounced against our historic expectations than for any of our other major markets.

We are happy with our position in the U.S. and have no current plans to exit.

You will see us growing the business organically as hard as we can, but equally keeping our minds open as to whether we can grow inorganically as well,

It has become increasingly clear that the greatest operational benefits come from strong local and regional scale.