I dont think that is a correct conclusion despite the fact that your illustrations seem to make sense.
Firstly Citro fresh was a failed business. MS was a consultant to sort the mess and he did so. The listing was then used to start the medical business. At first the business was heavily weighted towards capitsl equipment which made the earnings very lumpy.
My take on MS ( personal opinion) was that he was great identifying good fits but in the end it may have needed a different team around him. There was even the case that the finance person got very ill and had to leave the company just after he was making an impact. My views during the period until MS resigned was that we,as shareholders, had a unique team in PGC in that they were very frank. Understated and over delivered. There were times when the half year looked bad and they reiterated their guidance and it was delivered. MS departure , via a transition, was announced on 27 Sept 2017 and AJ was announced at the same time. So in my opinion your assertion which suggests new broom cleaning in his first year is in fact misleading as all of that was done in the 2018 financial year.
If that is still being done now then a lot must have been missed.
The reality is that AJ (my opinion) came from big corprate to an independent and that transition would always be hard. From the numbers and the administration costs my fear is that the bells and whistles that you get used to in big corporations cannot be afforded in smaller independent operators , so I think that cost management and affordability hasnt been well managed.
I have one other issue and that is a philosophical one. The chair became the chair of Zenetas (znt) , I thought that could be a conflict in that both were acquiring medical businesses. In the end it was delisted and went off with some of the directors of tge company. Read up on it for yourselves.
So in summary I think MS did create a DNA but that those principles started being eroded. He left and a new team wanted to instil a new culture. Not easy. I certainly think it had a great team. They all left look at the management that has gone from executive firectors senior staff - there has been a steady stream to the door since 2017. Where do you lay the blame - I have a good idea but wont make that comment here. I met with management regularly from 2012 to 2017 and O toured their facilities on a few occassions and loved the atmosphere. I have not been back. I do thonk MS made a few kistakes abd think that size was one of them.
(20min delay)