Ann: Quarterly Business Update and Appendix 4C, page-2

Strong result and heading in the right direction. Good to see increases in interstate sales, as well as online channels (anyone know what these are?). Still cashflow negative - seems like CAPEX remains high and probably tempting for management to keep spending on fixing/upgrading things as revenue finally returns. Cracking mainland Woolies/Coles distribution with scalable products is key IMO (butter, cream, chickens) - Pyngana cheddar appearing every now and then at $100/kg is not really going to move the needle.