Ann: Half-Year Results - Release and Presentation, page-5

At the briefing, CEO Olivia Worth said significant change was required to reset the MYR business, but claimed it had made real progress.

Consumers remain cautious: there is volatility in spending.

Removing the adverse effect of the NDC problems, the underlying business has been solid.

The MYR One tag rate increased by 2.9 per cent to 79.1 per cent. (This is very, very good: better than Dan Murphy's of listed EDV).

Aged inventory has decreased: a positive.

Weighted average lease expiry is down from 8.5 to 8 years.

Automation and integration of the NDC has been a failure (my words). $7 million in stock was unavailable.

MYR still expects benefits of $5 to $10 million a year will be realised from the NDC, albeit delayed.