The results show a large fall in pre-tax profits from £211.4m to £81.3mil. Save you all getting the calculators out a fall of £130.1m. Operating profits are less about £94m for exceptional charges. Now this means that the costs of managing the business outside of sharp end flying, beds and reps, is running at a huge deficit. Operating profit less exceptionals £53.1m and profits after tax down around £50m. Now add in to the assessment liabilities such as bonds and bank guarantees and you see why shares have fallen 2% immediately. Like I said earlier, could be First Choice stalking "My Flies Are Undone" and yes not much money would change hands. Just equity for debt exchange!!