Ann: Market Update, page-7

Yeah poor effort from Management, I lightened on open, but will hold the rest....Sales growth is coming through, and product mix will now improve margins.

They could have at least provided a reconcilliation of reported and normalised EBITDA - when you are running skinny margins, one-offs have a big impact.

Ambitious - I have come across this response from Management of three different companys over the last couple of months. At first I thought it was just Management hiding behind listing rules, but the ASX may have issued a directive to be more strict in relation to communication with shareholders. One of them actually was SNL which actually produced an excellent result.

Anyway, lesson taken on board here, not to take too much notice of a salesman COO who likes to provide bullish comments to trade journals