Full-year results were ahead of July’s trading update, boosted by a year-end Fx benefit and stronger than expected gross margins. Revenue growth of 12% was driven by overseas markets (+22%) and assisted by a stronger UK performance in the second half. A broader and deeper strategy for the US market, including the registration of surface and water disinfectants with the EPA, is now being pursued, with expected launches in FY 2019. We have increased our target price to 150p to reflect a 6
