(to 30 June 2016)
Our target is to grow revenue faster than operating expenses on an adjusted basis. This is referred to as positive jaws. In 1H16, adjusted revenue decreased by 4.5%, whereas our adjusted operating expenses fell by 4.0%. Jaws was therefore negative 0.5%.
Adjusted revenue fell by 3.8% in 1Q16 compared with 1Q15. This had increased to 4.5% by the end of 1H16, reflecting the challenging economic environment.
However, adjusted operating expenses fell by 1.0% in 1Q16. This increased to a fall of 4.0% by the end of 1H16, as we continued with our progress on our cost-saving plans.
In 2Q16, our adjusted jaws was positive 1.4%. While our adjusted revenue fell by 5.3% compared with 2Q15, adjusted operating expenses were 6.7% lower.