A strong set of FY19 numbers, broadly in line with our expectations. Many announcements: increased dividend, launch of a share buy-back programme, Castle Brands acquisition, and the nomination of two independent directors. Unchanged guidance compared to last year but a slowing in Q1 is expected principally due to an unfavourable comparison base in Asia/RoW. However, the group has also advised that it sees a dynamic start in the US. All in all, no reasons to be significantly worried. We see po
