Ann: Progress Update H1 FY20, page-6

Bottom line doesn't look flattering in itself, but digging deeper:

Decreased sales to main distributor (Dan's I assume) due to Dan's holding higher levels of inventory than usual due to contractual obligations - one off.

Increased production to hold higher inventory than usual do to canning line - one off

And even then, if we spent the same on marketing as the year before the bottom line would be the same - this is a better result than it looks.

There seems to be optimism that Major retailers may yet start selling some of the newer products that they haven't stocked so far (the two XPAs are what I assume they were referring to) which is promising.

While the result may justify recent SP movement on the face of things, I trust the strategy over the last 6 months will help increase bottom line growth in the future which is the main thing