Ann: March 2022 Quarterly Update and Appendix 4C, page-7

Good results. I noticed the same thing with revenues. But what it seems to me is that there were probably some delays on the integration of the Pontville while near maturation. Regardless, they are getting higher margins, higher NSR and so even if they miss on the topline revenue, the will probably hit on the gross profit line. In the long term, this is quite bullish. A higher NSR equates to a higher net asset value for Lark, and lower sales in Q3 just means more whisky ready at maturation going into Q4 and FY23.

And my usual disclaimer with Lark: Their Net Sales Value of $422m is a croc, and one should focus on the 'Net Liquidation Value Today' of $177m. At today's enterprise value of $221m, that means the market is valuing all their other assets and potential future earnings at the bargain price of $44m (only slightly more than the entire Pontville acquisition).