Ann: Full Year 2022 Investor Presentation, page-23

So JAN-APR rev was up 23%, but H2 rev up 16%, So rev only up 2% in MAY and JUN.

So why did growth flatline for those last two months?

And then we have " July trading down 21% year on year, and August (to 14th) trading 17%
down year on year"

I believe q4 FY21 was up 26%, and q1 FY22 up 56%.

I suspect what is hitting them is inflation and related consumer uncertainty, and that Covid has little to do with it. The good side is that transport and timber costs are falling along with Chinese wages, and this might lead to deflation of inventory values.

If there are lower sales, that doesn't bode well for the bottom line IMO. The revenue outlook looks very bad to me, and it is possible it looks bad to them as well, with poor sales beating their internal estimates. Consensus seems to be for about 10% growth