Very pleased with what I saw after skimming the results.
Possible that the market in the short-term reacts negatively to the outlook of lowering EBITA % from ~35%
Second half EBITDA margins will consequently be lower than in the first half, with full year FY19 EBITDA as a percentage of sales expected to be approximately 31-32%. This is due largely to:• Marketing investment in 2H19 to approximately double 1H19• Continued investment in building organisational capability
Happy to continue to hold long-term and will ignore the noise of the market.
HY Results 2019, page-14
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