Ann: Half Year Report to Shareholders, page-11

Thanks for saving me the trouble.

Honey has a very long shelf life which is why this strategy makes some sense. IT also ensures that CZZ can retain its supplier base for when conditions deteriorate. LT trends are towards declining supply for a number of reasons.

I am not surprised to see margins shrink when there is abundant supply. The company has also expanded into imported product in recent times which I expect has tighter margins.