Strangely GNC sent a bulk email out late this afternoon (Monday...

Strangely GNC sent a bulk email out late this afternoon (Monday 30 November) with this Annual Report.

Reading it again, net debt is down to three per cent. With a business like this that sees more droughts than absolute bumper years (2016-17 and now, 2020-21 are two of the latter), inevitable that net debt would be volatile, although the crop production contract 10-year (insurance) premium GNC pays should assist in 'smoothing'.

The most reassuring statement is on page 25:

'...Grain carry-out (inventories at 30 September 2020) lowest in over a decade...'

This is not the only precondition for a good result in 2020-21, but it assists.