FY15 results are a smidgeon down on our estimates, principally on margins, with FX, ongoing investment in North America together with slightly higher central costs the main factors. Underlying progress remains encouraging however, testament to the breadth of the portfolio and ongoing strength in the Companion Animal market in particular and Net Cash was pleasingly ahead of expectations at £13.4m. There is no further news on the Genera acquisition, which awaits approval (still expected to complet ....