Ann: Change in substantial holding, page-30

I must be missing something, but can someone explain why is this such a good result? Yes revenues were up, BUT:
1. Again the GP margin suffered a significant squeeze, falling to 19% (from 23% pcp). CLV continues to experience serious pricing pressures with its key customers (and perhaps its new customers as well??).
2. Despite the weak GP results, Admin expenses increased 20% on pcp. At least the management team are looking after themselves ....
3. Operating Cash Flow was negative again!!
4. And the PreTerm trial (CLV's supposed golden ticket) has been delayed again. At the AGM, held 27th November, the trial was to be completed by end December. We are now in March and it sounds as though they may still be recruiting patients for the trial. Nothing but open and transparent disclosure ....

I love the industry thematic and optionality in CLV, but I cannot accept that this was a good result.