Definitely gives an impression that it's more of a change to operational processes rather than purely a cost renegotiation - though extra operational work/output could still result in lower margins. Given the context, the continued buy back is obviously a sign from management that they're confident enough (especially given other indicators - job advertisements etc). Still it would be nice to have it all locked in place. What I would like to see is a big lift in the buyback activity (sadly...going back 18-24months ago...they hardly used the buyback at all into what would have been great multiples) into any share price weakness.
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