agreed Madamswer. there were a few other positives - good increases in marketing and R&D as a % of sales (in global products) consistent with their strategy. Just would have wanted better topline growth!
cash flows were v. good. better working capital numbers, good increase in cash. Also, much improved distribution result. Not the key driver of value, but not a drag (actually a positive in this result)
but the key outturn was the limited topline growth, and limited profit growth, in global products. You'd own BRG shares for that division, and this wasn't enough. I sold a while back, and this result doesn't make me want to revisit my thinking. Priced for perfection (or near it) and this wasn't perfect. GLAH
Ann: Year Ended 30 June 2018 - Appendix 4E, page-3
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