£910 Million loss to a £45 million profit in three years seems quite impressive to me.
Not knocking anyone here, but I am no economist, so in my simplistic terms that means it would take 20 years at such a profit level just to break even from the year where the £910m loss was made. Am I missing something here?
The complicating factor being that, of that £910m loss, £552 consisted of write-downs on assets rather than a cash loss. The operating loss was ‘only’ £358m. In the case of this year’s expected £45m profit, that comes from a £55m operating profit.