Ann: BWX Leadership Transition, page-6

Maybe the fruit of some very questionable decisions...another $2m in stock paid to Chemist Warehouse recently for the privilege of stocking their range to add to the other millions already paid. That's a lot of discount shampoo needs to go out the door. BWX needed revenue growth so an expensive purchase of a skin care range that grew on the back of the founder's ability to get PR, who is no longer much in the picture. Some pretty dowdy legacy brands in the portfolio. Really difficult place Fenlon would have found himself in to get the SP up.

Best hope at the moment is that the new plant will deliver even cheaper cost of product and so give some margin growth. Hard to see where revenue growth will come from aside from more acquisitions that are super expensive now because of low interest rates.