Ann: FY2018 Trading Update and FY2019 Outlook, page-80

Wow, what a fantastic result! Well done to management.

Just remember that the 100% earning growth forecast for FY18 wasn't flagged until the November 2017 update. Before then, no one knew what the revenue guidance was other than revenues were expected to grow.

I note too that November update flagged a 26% EBITDA margin. So management did even better than this at 30%+.

So the update today is in line with how they have made updates in the past. There can not be anything more specific than what has been given because the year has only just started! But clearly they are going to keep costs in line with sales thresholds.

So far, analysts covering the stock have put a conservative forecast in at 30% sales and earnings growth - Note this time last year, NO ANALYST was tipping 100%+ earnings growth in 2018. But as the year progressed, analysts started upping their earnings forecasts once some information came in. Mark my words we will see the same pattern his year.

I'll put out a forecast there now and say as a base, it is going to be 50%+ earnings growth for FY19. The present momentum with the company has not gone. And keep in mind Fonterra revenues kicking in as early as this current quarter. Then you have Korea, ongoing China and the States.

It's going to be a GREAT YEAR!