Ann: Appendix 4E & 2019 Financial Statements, page-16

Another year gone, a predictable loss, although more than expected by me, and mainly the same excuses repeated - and it took 98 pages to do it!!

Continually they mention about their medal winning products whenever they get a chance, which has been spoken about before. A lot of these are awarded based on achieving a certain number of points when being graded, not that the product is best in class or second etc. You could have 10 entries in a class and they all could be awarded gold medals for example if they scored 18 points or above. They refer to their Hansen Cup wins also, but this certainly doesn't have the same status or prestige that this had say 20 years ago, or the same strong competition. At the end of the day these "medals" are not converting into dollars which is what is needed.

Also noted that although the production volumes haven't increased that their number of heads has at the sites, as noticed in the recent posted Beston Newsletter, where they have been adding to their teams - it seems history is repeating themselves.

Such a shame to see things continuing on this downward path, I would have personally loved for the dairy sites to have flourished, for the farmers and the local region.

I have to agree with the comment regarding the current share price, something must be in the wind for it to be going up given this result.