Ann: COMPANY ANNOUNCEMENT - FY2021 FINANCIAL RESULTS, page-10

Agree with most of your points. Perhaps not with the 3rd party brands point as no point spending time and money building a brand owned by someone else. They usually announce any new brands during the AGM announcements so will be interesting to see any new launches.

Reading the announcements in a bit more detail was struck by the following:

Balance sheet is basically $120 mil of Cash, Debtors and Inventory and the only liability is trade payables of $50 mil so they can be very nimble and scale up and down very quickly.

They said the online sales increased 4 fold during the year so gives them direct access to customers if there are lockdowns. Also enables direct selling at better margins.

Australia sales were $120 mil for a population of 26 million . Sales in the US were $100mil and UK/Europe was $40mil with populations of 360 mil and 500 mil respectively. Huge opportunities in both this markets.

Also, they are typically very conservative about forward looking statements and they say sales so far are ‘solid’ and expect lower rate of growth. So, still growing but at a slower rate. Can’t expect them to keep growing at 70% !

I am not a seller.