IVC is supposed to be a defensive slow growth share. That's why...

IVC is supposed to be a defensive slow growth share. That's why the market was prepared to pay a high pe. Dividends especially are supposed to grow, never cut. Dividends represent directors faith in the future operations for a company trading in this type of sector. Remember IVC hasn't been rated as a cyclical company, where dividends can be lumpy. The latest results have shattered this view. Therefore IVC is at serious risk of being downward re rated by the market. This stock is now cleanly a sell to me