I am surprised and relieved that today's announcement has so...

I am surprised and relieved that today's announcement has so many positives and no negatives, except ongoing market uncertainty. Among the strongest indicators that MCP's guidance is very conservative:

1. Top six brands growing at 20% relative to FY19;
2. Dr LeWinn's performing well in China;
3. Strong demand, particularly for household essentials;
4. Significant growth in online channels;
5. Own e-commerce store;
6. Gearing down to 13%;
7. Reduced discounting and improved margins
8. Launch of hand sanitiser, with $9M of confirmed orders.

With 20% sales growth, new products, lower debt servicing costs and improved margins, how can underlying pre-tax profit not be much higher than the guided 10%?