There was one negative, the increased revenue did not translate...

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    There was one negative, the increased revenue did not translate into increased profits.
    Slide 14 paints a very interesting picture.

    Revenue + 25% - Good
    Gross profit +24% - Good
    NPATA + 10% - Not Good

    There was a lot of leakage in S & M expenses, R & D (Ok with that - it is needed in their business) G & A and finance (understandable due to VIFOR acquisition).
    I suspect that there will be some cost reduction occurring very soon in S & M to get Gross profit translating to NAPTA better.

    HT1
 
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