Ann: BWX FY22 Financial Results Release, page-176

It seems to be that BWX , and before it WNB are in a crowded market / businesses. The supermarkets and the Chemist / pharmacy retail chains are ‘head to head’ in trying to capture the higher margins that beauty products have in the past provided. I think the market is fundamentally over provided. The Hiro failed to get off the ground with their IPO in the last few months of 2022. (A back door listing to capture the WND tax losses. SO a further ‘shake out’ of the beauty products market is needed before I will venture into this field. The past share price just shows it was over valued previously.