Ann: Preliminary Final Report, page-19

I have a soft spot for MHJ but I sold out after the announced wages under payment and the huge squeeze on margins. I have read this announcement several times and it reads positively.
But, it is often what is not said that is important. A vague mention of the continuing margin squeeze, that’s about it.
when you look at the 2h results of FY19 by themselves it is horrific. Gross margin slumped from around 62% to around 58%...& The Ann said only a very slight improvement on Q4 of FY19. Then we have the wages underpayment to contend...no mention of this...but commonsense would suggest that piece meal hourly rates have gone up...do wages now represent a higher % of revenue? Probably.
i will wait to see how the half yearlies look before reinvesting. Christmas sales (& the margins obtained) will tell whether the new CEO’s new marketing strategy is working.
yep, the top line shows signs of improvement, but the bottom line is under attack...the radio ads presently would suggest they are discounting heavily to get top line sales.
I see FY20 eps of between 5c and 6c but can they maintain divs @ 4c unfranked?
I think ADH & SSG offer better prospects in the retail sector presently.