Ann: First Half Trading Update, page-44

@Value_Hunter

We have a minnow, battling against relative giants, supplying essentially commoditised products to supermarket behemoths. What can a little marketing or branding ever hope to achieve against all that?

Unless I'm missing something, all we have here is a little factory sitting on some land. Period.

Perhaps that capacity will be of interest to someone. Just don't expect it to be of interest to the supermarkets.

I frankly struggle to see why attractive returns on NTA's (much less on book) will be sustainably achieved, going forward. In fact, I think it will be an uphill battle to achieve adequate returns on NTA's.

My best guess is that heavy goodwill wright downs are on their way.