TLS +1.93%: Reported 1H23 Net Profit After tax (NPAT) of $934m, which was in-line with consensus of $929m. The dividend was in-line with expectations at 8.5c. They largely reiterated their FY23 guidance except for total income guiding to the lower end of the previously guided $23-$25bn range, however, the market had already pencilled in a number nearer $23bn. They are making good progress on their T25 strategy, while the share price has now broken out to the upside, and looks strong.
We remain long TLS in our Income Portfolio
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