Ann: A2M FY16 Results Presentation-ATM.NZ, page-12

A good result today, only let down by huge expectations from shareholders.   On the geographic breakdown, ANZ & China smashed it out of the park, go back to last years presentation and the forecast was for 229mill in revenue, that got upgraded few times  over the last 12 months and came in at $334.50mill, a massive result.   $30mill odd of marketing has helped revenue here, although EBITA margin has been impacted.  

UK & USA is not so positive, last year they forecast revenue of $38mill and EBITA of (-$16.5mill), the actual result was lower revenue $18.8mill and lower EBITA at (-20.5mill).  i.e they spent 24% more than they forecasted and sold 52% less than forecast...I'm all for expanding into new markets, but things in the UK and USA seem a lot harder then the presentaion makes out?

As for fresh milk, market share is flat, so growth will be low in ANZ from here on in.  The only bright spot is IF into China, be that via Australia or direct.   

It's not a bad bright spot to have Great comapny and GLTAH!