Ann: Half Yearly Report and Accounts December 2015, page-25

You need to convert Brazil sales into local currency to see the progress that has been made:

H1 2004: 1,915
H2 2004: 2,972
H1 2005: 2,660
H2 2005: 4,168
H1 2006: 3,001
H2 2006: 4,580
H1 2007: 3,566
H2 2007: 3,986
H1 2008: 4,023
H2 2008: 3,653
H1 2009: 4,241
H2 2009: 4,744
H1 2010: 4,023
H2 2010: 4,083
H1 2011: 4,196
H2 2011: 5,033
H1 2012: 4,747
H2 2012: 5,475
H1 2013: 4,552
H2 2013: 5,232
H1 2014: 5,701
H2 2014: 6,167
H1 2015: 5,932
H2 2015: 7,257
H1 2016: 6,986

Or annually to remove seasonal effect:

2004: 4,848
2005: 6,882
2006: 7,636
2007: 7,552
2008: 7,674
2009: 8,978
2010: 8,106
2011: 9,216
2012: 10,207
2013: 9,798
2014: 11,869
2015: 13,153
H1 2016: 6,986 (based on seasonally weaker H1, 2016 looks like it will be 14m+)

So, with the exceptions of 2007, 2010 and 2013 Brazil has shown consistent yoy revenue growth. Furthermore compound annual average growth rate (CAAGR) between 2004 and 2015 is 9.5%.

The trend is also upward but less pronounced for US, Europe in local currencies. CAAGR for Europe is 4.1% and US is 6.5% over the same period.

However, there is no growth factored into the current share price. Although profit growth is less consistent the change in mix towards non-amalgam should see a continuation in gross margin uplift.

The stable of non-amalgam products is growing all the time. Two new products were included in the dental advisor awards list as preferred products for the first time this year as well as Riva Light Cure which has been an award winner for the past few years. Given these two products were only launched in 2014, sales for them would be just beginning.