We thought the shares' markdown following ConvaTec’s (CTEC) October profit warning might have been overdone, but another sell-off ensued on release of full-year figures that met with the medical product group’s previously revised expectations. Revenues were flat on the previous year excluding M&A and currency effects, accompanied by a 250-basis point reduction in the adjusted operating margin, largely the consequence of reduced orders for its infusion devices in the fourth quarter.
IC TIP:
Sell
at
120p