Just been reading the MAG 2006-07 annual report (financial year up 31st March 2007). HUY remains profitable with a 0.6 million profit, though down 14.3% on 2005/06. No doubt it will further decrease next year but it certainly supports HUY's current strategy, including not going after a LoCo which probably would be after a good package which could turn a profit into a loss (as nice as a LoCo would be)