I know that the perpetually starry-eyed cheerleaders on this forum don't like to hear about any negatives, but as an owner of businesses, I like to actively inform myself about aspects of my investee companies which are not exclusively cheerfully positive.
In that light, besides the cash conversion which was uncharacteristically poor in this result, the other brickbat I found worth noting is the following:
View attachment 5058793
Not something I like to see in the dominant legacy business.
Sure, those segmentals are not presented in constant currency terms, and exchange rates will have played a part in contributing to that margin compression, but that should have been ameliorated by the much-vaunted freeing up of plasma collection bottlenecks that prevailed in the pcp.
This has become a key pressure point for me to be watched keenly in future results.
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(20min delay)