Pretty good analysis - though if anything a bit conservative I reckon - COVID actually got seriously in the way of core business so the resumption of ‘business as usual’ could easily kick core revenues higher than by 7.5%
Consider the following extract from the CEO’s report in the 2022 Annual Report
‘Barring a significant worsening of the pandemic, we also expect our base business growth to accelerate, driven by the normal strong industry growth drivers, market share gains and the clearing of backlogged tests and consultations postponed during the pandemic’
SHL - Moving on from the COVID ‘pop’, page-7
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