I think this comment in the last release is mind boggling. "On Friday 27 November, McPherson’s key China joint venture partner Access Brands Management (ABM), provided feedback that its significant 11/11 event, the largest online trading event in the world, was below expectation. Sales to the ABM reseller network were below expectations formed by the impressive run rate that the joint venture has been experiencing to date, leaving ABM with higher than forecast inventory levels of Dr. LeWinn’s product at the end of November. After urgent and detailed consideration of the updated information, McPherson’s has reduced the Group’s 1H21 underlying profit before tax forecast of $10.2 million to $11.1 million1 to a range of $6.5 million to $7.5 million (1H20: $8.5 million) and has withdrawn full year FY21 guidance." So, the 11/11 event 'failure' led to a reduced profit forecast of around $3.7m !!!! One day,one sale,too much stock!!! THREE MILLION SEVEN HUNDRED THOUSAND DESTRUCTION TO THE BOTTOM LINE FOR ONE BLOODY FAILED SALE IN ONE PRODUCT. This is BS. How can that loss eventuate in a company this big and diversified? The management clearly are useless or can't add up.
MCP Price at posting:
$1.23 Sentiment: None Disclosure: Held
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