What an apologetic effort of a Market Update and about the only thing that management have not blamed for their woes (3rd para) is the weather!!
What not explicitly stated in the number is the fact that 2nd half NPAT is in fact some 30%-35% down on the pcp.
Have long been a holder of MCP but this update does nothing to give me confidence that management is capable of handling business in these changing (deteriorating) economic conditions.
I still maintain (and would welcome being proven wrong) that their recent foray in appliances is a poor choice, both in terms of timing and product diversification.
Strong headwinds in the market sector, combined with an approx. 10% decline in the AUD points to things getting worse before they get better.
MCP Price at posting:
$1.43 Sentiment: ST Sell Disclosure: Held
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(20min delay)