Ann: Notice of 1HFY24 Results Briefing Call, page-6

The seasonality in the HGA business is so extreme at this point. 1Q HGA did $5.1m in revenue in 2Q it was $28.5m. I would assume HGA will be loss making for the FY. MBH is breakeven during the busiest half so also probably loss making on an FY basis and the fact they couldn't even sell PCF tells you all you need to know about that business.

I do not think that going full bore into expanding the MBH brand, which self-evidently has little pricing power, in to cheese boards and salad spoons is going to fix things.

The best outcome here would be for a trade buyer to come along.