Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-8

Difficult to sell a product that is still growing, let alone processed into a final or value added product. This is the reality of an agricultural product and you never hear about ‘bumper quarters’ in an industry, you hear about ‘bumper years’. So taking the 12m view on ECS, we are still looking exceptionally healthy with heavy investment in both infrastructure and people.

Was always expecting reduced numbers this quarter, with a substantial increase expected in the next quarter. With industry scrutiny I would expect importers to be facing some headwinds in terms of quality and prescribers/dispensary establishments will be needing to be accountable for quality of medicine.

Always going to be less favourable quarters on paper, but that’s only a small slice of the pie.

GLTAH