Overview Challenging conditions remain The first six months of the year have seen a continuation of the tough macroeconomic conditions in our largest market of South Africa, with the South African government's sovereign credit rating downgraded in April, as well as continued volatility in the main currencies in which we conduct our business. In this context, our businesses have delivered resilient operational performances demonstrating the underlying strength of their franchises. During the six months, the average rand rate was 25% stronger versus sterling compared to the first half of 2016, while the average USD rate versus sterling was stronger by 12%. The average of the FTSE 100 over the...
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