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They are expecting that to improve wants covert restrictions are lifted. but they are also exposed to russia and they have the cost of living crisis in their other main centre, which is the uk. so all in all, it adds up to lots of problems all over the place. that said, it is a little bit better than we thought it might be. there are a few points to note. they appear to have wrong—footed themselves on some of their equity hedges, so they lost a bit of money on that, and they say that volatilit...