Ann: H1 FY20 Results Presentation, page-42

Agree, H1 results were underwhelming vs expectation.

My confidence during the share price glut came in the continual delivery of growth, despite the constant exec management changes. Too much emphasis was put on top end management over product/market and therefore was mispriced.

H1 results, while ok, threw a flag up on the impact of the core exec team all leaving, as well as the long term COO. Throw in a new exec team and CEO and there is sure to be a period of cultural settling and a correlating impact on performance.

Question now is if it is a temporary blip (lasting 1-2 halves) while new management settle in, or if it is a risk going forward. For example if we see a change out at CEO/exec level again in 6-12 months then it will have a major impact on growth and results.

So we are now back in uncertain waters around management, which will only switch to confidence if:

1. They all stick around, and
2. They get back to expected growth rates

That on top of a risk off market due to economic uncertainty.

Shifts the stock back more towards spec mode.