November 5, 2026 · 7 min
Start with the chair’s letter, then read what it leaves out
The chair’s letter is the part everyone reads and the part that says least. What to look for, and what to read next.
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Plain Reports
One plain letter every Thursday on how to read an annual report, with a part of the report to try for yourself.
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The income statement in five lines
Revenue, costs, tax and profit: how five lines hold the whole income statement, and where the other lines hide.