H1 FY21/22 Results

Fellow shareholders,

Restating that stated previously. BFC needs change at Board level and a new Board should immediately question the current plan and implement a Profit Improvement Plan - cut costs.

Signs for H1 FY21/22 are not looking good. The spruiked BFC turnaraound appears very remote and is not substantiated by Industry information.
COVID has the Aus Food Service industry in a big hole and there is no evidence that lactoferrins are selling in volume and at prices that reflect that which guidance from BFC suggested.
BFC buys milk and has to process this liquid for lactoferrins and Mozzarella cheese. If sales of both are down then BFC liquidity must be waning - does the NAB now control BFC?

ASX listed Dairy industry players performance over past 5 years - see charts below.
Note BGA and NOU (was Freedom Foods) make lactoferrins in bigger annual volumes than BFC.