Ann: FY24 Trading Update, page-16

I can deal with the downgrade, but are others really frustrated with the communication. Or is it just me.

The release really fluffs around the core issue which is gross margin reduction impacting EBIT. The unaudited accounts they mention cover the 6 months ending March 30, yet they haven’t provided a first half EBIT guide for comparison to last year instead it’s just hidden it in full year guidance. They also mention that the several months in the second quarter outperformed the year prior, so is the downgrade entirely due to underperformance in quarter 1. Overall feels like they’ve only half ripped the band aid off and tried to fluff their way out of questions.

Finally I’m also very concerned about cost creep particularly with the increase in headcount and some of last years acquisitions. Have reduced my sentiment on the back of this announcement and may consider reducing our position slightly.