Picking The Top, page-92

BAL does do upgrades, H1 was different because there was no guidance. Now there is guidance in the market, if anything changes, they will have to inform the market. May or more likely June is the time we will find out.

Jan - March have been strong, if sales keep up, the H2 result will be great. On the gross margin front, recent AUD strength against EUR & NZD is positive as most of the milk powder comes from Europe and NZ.
It's crazy to think they put prices up 30% odd on stage 3 and demand is still as strong as ever!