Sales contracted by 18% in H1, which can mostly be attributed to lower sales of hand sanitiser and reduced sales to its Chinese partner. Excluding this, VLG generated robust growth (+9%) across the higher margin part of the business despite the prolonged effects of covid. We have lowered EPS estimates to reflect the weaker sales, downgrading by 6% this year and 8% next year. This includes higher expectations in the recently acquired BBI business, nothing for China, which remains a key target ter ....
