Absolute Stock Manipulation, page-52

Simply put, they have not had an opportunity to provide any revenue/EBITDA guidance for FY22 yet.

It may be higher or lower than what the market is anticipating, or they may withhold giving specific guidance at all. However, the opportunity to make any such call will come on August 26.

Until then, the only guidance (if you can even call it that) which has been given is that FY22 is expected to be better than FY21. If that is no longer the case, then I think it would be fair to say they have downgraded their guidance, outlook, forecast, or whatever you want to call it.

A lot has already changed between FY21 and FY22, including the management team and inventory tracking system. Whether or not you agree that they actually have learned anything, the company has had an opportunity to learn from the disruptions and inventory issues experienced in FY22. So many of the pre-requisites for a better response to issues that faced them in FY21, including COVID lockdowns, is there. Also keep in mind that the majority of China exports are from NZ which is COVID free, and that COVID lockdowns certainly did not hurt fresh milk sales in Aus/NZ.