Ann: Appendix 4E & Full Year Statutory Accounts, page-90

For those questioning the performance share targets - take a look at BAL's FY report - revenue down 19% with profit down almost 50%.

I think we need to be realistic, the current economic conditions are far more complex than they were 1 year ago.

The number 1 takeaway from this FY report is that JAT's success is almost exclusively contingent on the success of Sunnya (specifically Neurio) products. That's where the differentiator (lactoferrin) and the margin rests!

If numbers from GF remain the same that's no big deal as I now view this purely as a distribution and co0nnections business through which JAT can sell more of their own goods (it's not a profit maker).

Conservatively speaking, say that we achieve 80m revenue in the next FY - if that revenue increase is based purely on an uptake in Neurio sales JAT will be positioned well with a healthy EBITDA, however, if it relates to increases in GF sales then JAT's model has no in built growth.

I'm LT on this as I think Neurio has the difference factor and will increase its sales dramatically, particularly now that JAT are going to be making the products in house.

From a business value angle, having seen the FY report, I am focused purely on the Sunnya financials going forward and just want GF to cover its costs with a small profit at the end (as it did in this FY report).

Who ever coined lactoferrin as white gold on this forum was on to something!!!!