Profitable increases in revenue are perhaps the "life blood of future profits". However, it is the obsessive demand for growth by shareholders that often lead managers to chase growth today at the expense of wealth tomorrow.
Those managers that resist the temptation to pander to the immediate demand for growth are rare. An owner manager with a large stake is better equipped to resist these sorts of temptations. Progress can sometimes be lumpy, especially sustainable progress. Prudent growth can be slower, but I believe that in the long run, it is usually more durable and of more value.
Ann: Trading Update Announcement and Presentation, page-9
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