Albeit with no experience in the industry (pathology or diagnostics), I've always "felt" that there's very little in the way of economy of scale when a pathology or diagnostic business grows through acquisition.
I think this because I would imagine the professionals can't perform mass production techniques on such scientific/clinical processes.
And the professional salaries are where all the costs reside.
So, an acquisition in this world simply means more revenue and more profit which then has to be spread across more shares or more debt.
I'm well aware that I could be very wrong here, so I was wondering if you have a view about my thoughts.
Ann: Half Yearly Report and Accounts, page-32
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