The market may react negatively tomorrow.. headline figures...

The market may react negatively tomorrow.. headline figures aren't great, and of course a war in Ukraine creates instability (though in some macabre way, could increase Penthrox demand in Europe?). But look at the breakdown of the results, and you'll see quite clearly that the turnaround and trend is going in the right direction

European sales are up 160%. That's the main investment, and it's paying off. Not only is the established market of UK/Ireland growing at double digits, but all those new sales people in France and other parts such as Germany Italy etc are staying to pay off. They have only been in place since September, Omicron has slowed them down, etc - lots of headwinds - and still it's growing! There will be a lag between the recruitment / staffing costs and the revenue / profits, but the direction is right.

Australian and New Zealand markets are growing at a decent clip. That's mature markets rebounding from Covid, and that's important. Meanwhile new markets such as US/FDA approval is coming along, albeit slowly.

They're killing off their vet sector and continuous flow. I think the continuous flow tech was a pipe dream, and an expensive one toboot. I would have hoped they could have sold off their vet sector, but looks like it's just going to die slowly. Still, the strategy of focusing on Penthrox is probably best for shareholders.

The figures that people read will be declining revenues (but not in the key growing markets) and increasing costs (funding future growth). But I am seeing the greenshoots of a turnaround.