"Full year EBITDA margin is now anticipated to be above that advised in February and in the range of
31% to 32%. This assumes that planned marketing activity for FY20 of $200 million, weighted to 2H20, will be fully expended prior to year-end."
I suspect that the marketing costs will not reach the budgeted figure of $200m. The balance will be added to the EBITDA margin.
Ann: Trading update & FY20 Outlook, page-22
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