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:
- Top six brands growing at 20% relative to FY19;
- Dr LeWinn's performing well in China;
- Strong demand, particularly for household essentials;
- Significant growth in online channels;
- Own e-commerce store;
- Gearing down to 13%;
- Reduced discounting and improved margins
- 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%?
I am surprised and relieved that today's announcement has so...
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| MCP (ASX) Chart |