View ValuationThis company listing is no longer activeThis company may still be operating, however this listing is no longer active. Find out why through their latest events.See Latest EventsB&S Group 향후 성장Future 기준 점검 5/6B&S Group (는) 각각 연간 30% 및 5.2% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 30.7% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 21.2% 로 예상됩니다.핵심 정보30.0%이익 성장률30.67%EPS 성장률Retail Distributors 이익 성장7.6%매출 성장률5.2%향후 자기자본이익률21.24%애널리스트 커버리지Low마지막 업데이트07 Nov 2025최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updates공시 • Nov 21+ 1 more updateB&S Group S.A.(ENXTAM:BSGR) dropped from Netherlands ASCX AMS Small Cap IndexB&S Group S.A. has been removed from Netherlands ASCX AMS Small Cap Index .공시 • Nov 04B&S Group S.A. Announces Board ResignationsB&S Group S.A. announced that Mr. B.A. Wissink and Mr. W.A. Blijdorp withdrew their candidacies for the Executive Board and Supervisory Board, respectively. Accordingly, the resolutions concerning their appointments became moot and were not voted on.공시 • Apr 28B&S Group S.A. Approves the Dividend for the 2024, Payable on or Around July 3, 2025B&S Group S.A. approved the dividend proposal. The dividend for the 2024 financial year amounts to EUR 0.19 per Ordinary Share and will be payable on or around July 3, 2025. The ex-dividend date is set for April 29, 2025, and the record date for April 30, 2025.공시 • Nov 12B&S Group S.A., Annual General Meeting, Apr 25, 2025B&S Group S.A., Annual General Meeting, Apr 25, 2025.공시 • Oct 09+ 3 more updatesB&S Group S.A. to Report Fiscal Year 2024 Final Results on Mar 19, 2025B&S Group S.A. announced that they will report fiscal year 2024 final results at 9:00 AM, Central European Standard Time on Mar 19, 2025공시 • Nov 08B&S Group S.A. to Report First Half, 2024 Results on Aug 19, 2024B&S Group S.A. announced that they will report first half, 2024 results on Aug 19, 2024공시 • Nov 06+ 2 more updatesB&S Group S.A., Annual General Meeting, May 24, 2024B&S Group S.A., Annual General Meeting, May 24, 2024.Reported Earnings • Aug 22First half 2023 earnings released: EPS: €0.08 (vs €0.15 in 1H 2022)First half 2023 results: EPS: €0.08 (down from €0.15 in 1H 2022). Revenue: €1.06b (up 7.6% from 1H 2022). Net income: €7.03m (down 43% from 1H 2022). Profit margin: 0.7% (down from 1.2% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Retail Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings.공시 • May 24+ 1 more updateB&S Group S.A. Approves the Appointment of Kim Smit to Supervisory BoardB&S Group S.A. approved the appointment of Kim Smit to supervisory board, at its AGM held on May 22, 2023.Buying Opportunity • May 24Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 5.4%. The fair value is estimated to be €4.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 3.9%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings is also forecast to grow by 27% per annum over the same time period.Upcoming Dividend • May 17Upcoming dividend of €0.12 per share at 3.0% yieldEligible shareholders must have bought the stock before 24 May 2023. Payment date: 04 July 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (3.9%).Reported Earnings • Apr 21Full year 2022 earnings released: EPS: €0.31 (vs €0.46 in FY 2021)Full year 2022 results: EPS: €0.31 (down from €0.46 in FY 2021). Revenue: €2.15b (up 15% from FY 2021). Net income: €26.1m (down 32% from FY 2021). Profit margin: 1.2% (down from 2.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Retail Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year.Valuation Update With 7 Day Price Move • Feb 21Investor sentiment deteriorates as stock falls 20%After last week's 20% share price decline to €4.05, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Retail Distributors industry in Europe. Total loss to shareholders of 51% over the past three years.공시 • Nov 07+ 1 more updateB&S Group S.A., Annual General Meeting, May 16, 2023B&S Group S.A., Annual General Meeting, May 16, 2023.Valuation Update With 7 Day Price Move • Sep 30Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to €4.43, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Retail Distributors industry in Europe. Total loss to shareholders of 60% over the past three years.Reported Earnings • Aug 24First half 2022 earnings released: EPS: €0.15 (vs €0.17 in 1H 2021)First half 2022 results: EPS: €0.15 (down from €0.17 in 1H 2021). Revenue: €983.2m (up 19% from 1H 2021). Net income: €12.3m (down 16% from 1H 2021). Profit margin: 1.2% (down from 1.8% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.0% while the Retail Distributors industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings.Valuation Update With 7 Day Price Move • May 20Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to €5.58, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Retail Distributors industry in Europe. Total loss to shareholders of 53% over the past three years.Upcoming Dividend • May 12Upcoming dividend of €0.18 per shareEligible shareholders must have bought the stock before 19 May 2022. Payment date: 04 July 2022. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of British dividend payers (4.8%). Higher than average of industry peers (2.1%).Reported Earnings • Mar 10Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: €0.46 (up from €0.26 in FY 2020). Revenue: €1.87b (flat on FY 2020). Net income: €38.5m (up 77% from FY 2020). Profit margin: 2.1% (up from 1.2% in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 7.7%, compared to a 4.0% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings.Reported Earnings • Mar 01Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: €0.46 (up from €0.26 in FY 2020). Revenue: €1.87b (flat on FY 2020). Net income: €38.5m (up 77% from FY 2020). Profit margin: 2.1% (up from 1.2% in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 6.0%, compared to a 3.7% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings.Reported Earnings • Mar 01Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: €0.46 (up from €0.26 in FY 2020). Revenue: €1.87b (flat on FY 2020). Net income: €38.5m (up 77% from FY 2020). Profit margin: 2.1% (up from 1.2% in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 6.0%, compared to a 3.7% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings.Reported Earnings • Aug 25First half 2021 earnings released: EPS €0.17 (vs €0.07 in 1H 2020)The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €823.6m (down 1.5% from 1H 2020). Net income: €14.7m (up 160% from 1H 2020). Profit margin: 1.8% (up from 0.7% in 1H 2020). The increase in margin was driven by lower expenses.Upcoming Dividend • May 13Upcoming dividend of €0.10 per shareEligible shareholders must have bought the stock before 20 May 2021. Payment date: 02 July 2021. Trailing yield: 1.1%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (1.3%).Analyst Estimate Surprise Post Earnings • Feb 25Revenue beats expectationsRevenue exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 7.3% while theRetail Distributors industry in the United Kingdom is not expected to grow.Reported Earnings • Feb 23Full year 2020 earnings released: EPS €0.26 (vs €0.56 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.86b (down 5.9% from FY 2019). Net income: €21.7m (down 54% from FY 2019). Profit margin: 1.2% (down from 2.4% in FY 2019). The decrease in margin was driven by lower revenue.이익 및 매출 성장 예측BATS-CHIXE:BSGRA - 애널리스트 향후 추정치 및 과거 재무 데이터 (EUR Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/20272,837775675112/31/20262,624605471212/31/20252,53151759526/30/20252,465326883N/A3/31/20252,441364056N/A12/31/20242,417401230N/A9/30/20242,310391533N/A6/30/20242,234391936N/A3/31/20242,227374158N/A12/31/20232,220346380N/A9/30/20232,2212782101N/A6/30/20232,22321101122N/A3/31/20232,1852390111N/A12/31/20222,148267899N/A9/30/20222,089314159N/A6/30/20222,02936420N/A3/31/20221,94937317N/A12/31/20211,87038215N/A9/30/20211,860351831N/A6/30/20211,850313548N/A3/31/20211,856268497N/A12/31/20201,86222134147N/A9/30/20201,88926150166N/A6/30/20201,91630167184N/A3/31/20201,94838130149N/A12/31/20191,9794793113N/A9/30/20191,928526482N/A6/30/20191,878563551N/A3/31/20191,81258N/A27N/A12/31/20181,74660N/A4N/A9/30/20181,65563N/A16N/A6/30/20181,56465N/A29N/A3/31/20181,53066N/A60N/A12/31/20171,49668N/A91N/A12/31/20161,33961N/A79N/A12/31/20151,33860N/A5N/A12/31/20141,15245N/A47N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: BSGRA 의 연간 예상 수익 증가율(30%)이 saving rate(3%)보다 높습니다.수익 vs 시장: BSGRA 의 연간 수익(30%)이 UK 시장(11.4%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: BSGRA 의 수입은 향후 3년 동안 상당히 증가할 것으로 예상됩니다.수익 대 시장: BSGRA 의 수익(연간 5.2%)이 UK 시장(연간 4.5%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: BSGRA 의 수익(연간 5.2%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: BSGRA의 자본 수익률은 3년 후 21.2%로 높을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YRetail 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2025/12/30 19:09종가2025/10/23 00:00수익2025/06/30연간 수익2024/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스B&S Group S.A.는 2명의 분석가가 다루고 있습니다. 이 중 2명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Tijs HollestelleING Groep NVAnnelies Judith VermeulenMorgan Stanley
공시 • Nov 21+ 1 more updateB&S Group S.A.(ENXTAM:BSGR) dropped from Netherlands ASCX AMS Small Cap IndexB&S Group S.A. has been removed from Netherlands ASCX AMS Small Cap Index .
공시 • Nov 04B&S Group S.A. Announces Board ResignationsB&S Group S.A. announced that Mr. B.A. Wissink and Mr. W.A. Blijdorp withdrew their candidacies for the Executive Board and Supervisory Board, respectively. Accordingly, the resolutions concerning their appointments became moot and were not voted on.
공시 • Apr 28B&S Group S.A. Approves the Dividend for the 2024, Payable on or Around July 3, 2025B&S Group S.A. approved the dividend proposal. The dividend for the 2024 financial year amounts to EUR 0.19 per Ordinary Share and will be payable on or around July 3, 2025. The ex-dividend date is set for April 29, 2025, and the record date for April 30, 2025.
공시 • Nov 12B&S Group S.A., Annual General Meeting, Apr 25, 2025B&S Group S.A., Annual General Meeting, Apr 25, 2025.
공시 • Oct 09+ 3 more updatesB&S Group S.A. to Report Fiscal Year 2024 Final Results on Mar 19, 2025B&S Group S.A. announced that they will report fiscal year 2024 final results at 9:00 AM, Central European Standard Time on Mar 19, 2025
공시 • Nov 08B&S Group S.A. to Report First Half, 2024 Results on Aug 19, 2024B&S Group S.A. announced that they will report first half, 2024 results on Aug 19, 2024
공시 • Nov 06+ 2 more updatesB&S Group S.A., Annual General Meeting, May 24, 2024B&S Group S.A., Annual General Meeting, May 24, 2024.
Reported Earnings • Aug 22First half 2023 earnings released: EPS: €0.08 (vs €0.15 in 1H 2022)First half 2023 results: EPS: €0.08 (down from €0.15 in 1H 2022). Revenue: €1.06b (up 7.6% from 1H 2022). Net income: €7.03m (down 43% from 1H 2022). Profit margin: 0.7% (down from 1.2% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Retail Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings.
공시 • May 24+ 1 more updateB&S Group S.A. Approves the Appointment of Kim Smit to Supervisory BoardB&S Group S.A. approved the appointment of Kim Smit to supervisory board, at its AGM held on May 22, 2023.
Buying Opportunity • May 24Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 5.4%. The fair value is estimated to be €4.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 3.9%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings is also forecast to grow by 27% per annum over the same time period.
Upcoming Dividend • May 17Upcoming dividend of €0.12 per share at 3.0% yieldEligible shareholders must have bought the stock before 24 May 2023. Payment date: 04 July 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (3.9%).
Reported Earnings • Apr 21Full year 2022 earnings released: EPS: €0.31 (vs €0.46 in FY 2021)Full year 2022 results: EPS: €0.31 (down from €0.46 in FY 2021). Revenue: €2.15b (up 15% from FY 2021). Net income: €26.1m (down 32% from FY 2021). Profit margin: 1.2% (down from 2.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Retail Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year.
Valuation Update With 7 Day Price Move • Feb 21Investor sentiment deteriorates as stock falls 20%After last week's 20% share price decline to €4.05, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Retail Distributors industry in Europe. Total loss to shareholders of 51% over the past three years.
공시 • Nov 07+ 1 more updateB&S Group S.A., Annual General Meeting, May 16, 2023B&S Group S.A., Annual General Meeting, May 16, 2023.
Valuation Update With 7 Day Price Move • Sep 30Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to €4.43, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Retail Distributors industry in Europe. Total loss to shareholders of 60% over the past three years.
Reported Earnings • Aug 24First half 2022 earnings released: EPS: €0.15 (vs €0.17 in 1H 2021)First half 2022 results: EPS: €0.15 (down from €0.17 in 1H 2021). Revenue: €983.2m (up 19% from 1H 2021). Net income: €12.3m (down 16% from 1H 2021). Profit margin: 1.2% (down from 1.8% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.0% while the Retail Distributors industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings.
Valuation Update With 7 Day Price Move • May 20Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to €5.58, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Retail Distributors industry in Europe. Total loss to shareholders of 53% over the past three years.
Upcoming Dividend • May 12Upcoming dividend of €0.18 per shareEligible shareholders must have bought the stock before 19 May 2022. Payment date: 04 July 2022. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of British dividend payers (4.8%). Higher than average of industry peers (2.1%).
Reported Earnings • Mar 10Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: €0.46 (up from €0.26 in FY 2020). Revenue: €1.87b (flat on FY 2020). Net income: €38.5m (up 77% from FY 2020). Profit margin: 2.1% (up from 1.2% in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 7.7%, compared to a 4.0% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings.
Reported Earnings • Mar 01Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: €0.46 (up from €0.26 in FY 2020). Revenue: €1.87b (flat on FY 2020). Net income: €38.5m (up 77% from FY 2020). Profit margin: 2.1% (up from 1.2% in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 6.0%, compared to a 3.7% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings.
Reported Earnings • Mar 01Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: €0.46 (up from €0.26 in FY 2020). Revenue: €1.87b (flat on FY 2020). Net income: €38.5m (up 77% from FY 2020). Profit margin: 2.1% (up from 1.2% in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 6.0%, compared to a 3.7% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings.
Reported Earnings • Aug 25First half 2021 earnings released: EPS €0.17 (vs €0.07 in 1H 2020)The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €823.6m (down 1.5% from 1H 2020). Net income: €14.7m (up 160% from 1H 2020). Profit margin: 1.8% (up from 0.7% in 1H 2020). The increase in margin was driven by lower expenses.
Upcoming Dividend • May 13Upcoming dividend of €0.10 per shareEligible shareholders must have bought the stock before 20 May 2021. Payment date: 02 July 2021. Trailing yield: 1.1%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (1.3%).
Analyst Estimate Surprise Post Earnings • Feb 25Revenue beats expectationsRevenue exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 7.3% while theRetail Distributors industry in the United Kingdom is not expected to grow.
Reported Earnings • Feb 23Full year 2020 earnings released: EPS €0.26 (vs €0.56 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.86b (down 5.9% from FY 2019). Net income: €21.7m (down 54% from FY 2019). Profit margin: 1.2% (down from 2.4% in FY 2019). The decrease in margin was driven by lower revenue.