Those were the big surprises for our shareholders,

There are no surprises - pleasant or unpleasant. But the fact is that share prices have run up faster in the last quarter so the stock could see some profit taking in the coming days.

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,