Chart Update, page-23203

IMO there are two possibilities: (1) New products; (2) New acquisitions.

On new products:
They've launched more new products in the past 12 months or so then we've probably seen in the 2 or 3 years before that. I think any new product would either involve fresh milk or milk powder. They haven't shown much appetite for moving beyond these categories due to low margins and/or having tried them previously without enough success e.g. I doubt we'll see yogurt, butter, ice cream. I wonder if a move into other niche milk powder categories like exercise nutrition or senior nutrition would be interesting possibilities expanding their audience and further utilising MVM.

On new acquisitions:
I still haven't listened to the conference call but from what was quoted in press, it certainly sound like the company was actively planning an acquisition either in China or NZ. Something that would be complementary to MVM, assist its supply chain efficiency, and assist them in getting another China label IF registration (separate from what is currently being renewed through Synlait).