hi ceviche,
hard to not think that they just stuffed up... the previous figures you quoted were income... but, when you look at the cashflows (in yellow below) they separate this between operational income and R & D tax incentives...
i think they've just stuffed up... as it kinda looks like they're just using adhoc (chosen) growth factors.... for example:
2022 income goes from 77.6m to 154.5m... this is is basically 100% growth (99%), so double...
2023 income goes from 154.5m to 412.2m... this is 166% growth...
2020 to 2021... the incorrect one (well i think) is only 1%.... whereas i think this based on 2022 above (100%) is some form of type-o... certainly no logical reason i can think of...they don't show any large pharma payouts to PAR etc...
unfortunately, working backwards there is no obvious growth % link to line up the 58m in 2020 to 77m in 2022...
FiftyOne Capital, page-19
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