Ann: Trading Update FY2024, page-2

This is a 13.3 per cent downgrade as previously the figure was a range of $102 to $108 million underlying EBITDA, revised down to $88-94 million.

I've taken the midpoints of $105 and $91 million respectively to arrive at the percentage drop.

'Mr Market' has sent LAU shares down 6.28 per cent to A$0.895, bearing in mind it's likely some of today's announcement was already baked in to the SP.

No wonder Directors haven't been buying.

The comment about how 'demand remained subdued' (after Easter) is a concern, but hardly surprising given how supermarkets like WOW (despite claimed price deflation) are recording what is a drop in sales per capita if one takes huge population growth in Australia of c.2.5 per cent per annum (thanks to Labor's deliberate strategy of importing more residents who enter on temporary visas but become permanent fixtures).