Ann: Appendix 4C - quarterly , page-6

Just figured out why your not so jaded ... longterm VSG ... not CCE

The post was very positive.

I was performance comparing AVH to CCE to see if there was better management in place.(To warrant re-investment)
Note - AVH merged CCE and VSG in Feb 2008 - but it is VSG running the show now.

The cost of sales % was mentioned with AVH driving costs from over 100% down to 29%.
The slander was for CCE.
I just can't see how in their fourth full year they have cost of sales running at 143%.
Then AVH with no significant increase in turnover get it down to 47% in their first year.

Then look at admin costs.
AVH has more products and more turnover - yet runs the admin at significantly lower levels.

Sales and Marketing costs tell the same story.

Whilst a favourite of mine - R&D costs demonstrate that there is some control taken away from the idealistic scientists and put the control of people who think return on investment should also factor.


In every way you could hope (except FDA approval) - AVH are managing this product to get the results required.

This may demonstrate that they have what it takes to get FDA approval.