ConvaTec Group PLC (LSE:CTEC) is looking for M&A. Jonathan Mason said that ?We do allow ourselves to go up higher for appropriate M&A. We're not feeling constrained in looking for appropriate M&A. We're continuously scanning the horizon for M&A opportunities that will increase our competitive position in our key markets and our 4 categories. We're not thinking of transformational M&A, but bolt-ons. And so, I think, no, we're not really feeling constrained.

We do see leverage coming down. We've said that working capital is going to improve in the second half of the year, and we'll continue to target 2x because absent M&A, the business does delever quite quickly?.