I wasn't trying to mislead. It's a couple of years since I've...

I wasn't trying to mislead. It's a couple of years since I've looked at the accounts in any great detail and it was FIFO when I last looked. It seems they changed their valuation method after the 2019 accounts - in that year and prior years FIFO was used.

Had a quick look and couldn't find a note showing how this change in method affected the accounts.

More detail to understand the number of ozs held is really what is needed. The change in method just reduces the distortion it doesn't remove it when inventory is created over a number of years - especially when margins have reduced so drastically. The level of profit/loss on each oz is still hidden for current production.

Copied from the 2019 accounts:

Inventories
Inventories are stated at the lower of cost and net realisable value on a 'first in first out' basis. Cost comprises direct
materials and delivery costs, direct labour, import duties and other taxes, an appropriate proportion of variable and fixed
overhead expenditure based on normal operating capacity, and, where applicable, transfers from cash flow hedging
reserves in equity. Costs of purchased inventory are determined after deducting rebates and discounts received or
receivable.