Ann: Annual Report to shareholders, page-24

A quick observation;

It seems to me that Farm Pride has lost its entire contract to supply whatever QLD supermarkets they were supplying.

I started to notice around 3 months ago that Farm Prides 'space' was getting smaller and smaller until it was completely removed and replaced with a home brand.

I also rung their marketing department and the nice lady said " yes we stopped supplying all QLD because QLD wanted to choose local only farmers"

I feel this was an excuse as the replacement products are definitely not from QLD only.

So I wonder if FRM has been using the excuse of an 'over supply' to cover up a loss of revenue streams? this would also explain the build up in inventory. (yes I note revenue did grow, however could it have been more?)

Also, why wasn't there any mention of this in any communication - surely this is material?, unless of course I was going to the only store in QLD that sold FRM