Ann: 1H22 Results Commentary, page-82

@Swage_17
Appreciate the detailed thoughts and I tend to agree about the CEO. He's off to a decent start in the areas that matter in the short-term. Overall it is a very decent report in the circumstances. It's also twice now that he has provided an outlook and overseen a result that met this. That's important after a period of multiple unexpected downgrades.

Probably the biggest thing I wanted to see was definitive evidence that the inventory issues were resolved and that they had re-established decent strong pricing across the various channels for IF. That box seems largely ticked now.

I'm also 100% behind increased marketing spend. What is the point of preserving a strong brand (by avoiding discounting) if you don't exploit that. A2M has usually performed very well relative to others in the area of brand loyalty too, so it just makes sense. The growth strategy review demonstrated a great amount of insight into the current channel dynamics / environment so I am optimistic that they will be able to target the marketing spend more effectively.

But on some of the other questions I had remained unanswered. There was no detail on new product innovation other than the assurance that it's happening behind the scenes. I guess the good news is that it seems that both new USA products appear to be a hit. Also no detail on capital allocation which is annoying as usual. But overall I give this result 3 out of 5 stars.