Revenues as flagged, but a stronger-than-expected gross margin performance means the reported operating profit of £0.7m is well ahead of our breakeven estimate. News flow has been strong recently so today's statement gives investors a chance to reflect, again, on market-outperformance across Europe, the Alerpharma acquisition and the US opportunity for Pollinex Quattro Grass. We maintain our forecasts and reiterate our Buy recommendation.
