I have a recent T-20, the only large movement off is James Gong...

I have a recent T-20, the only large movement off is James Gong compared with the annual report top 20. The balance coming off from others is immaterial and your assertions ValueSearh are simply not accurate. There a number of new entrants in the T20, holding meaningful stakes, very positive developments.

I haven't had a chance to dissect the results in any detail, but at a high level my view is they are pretty impressive and Keytone has delivered on strategy. Great to see profitability in New Zealand and Australia and higher run rates on sales. I would suggest proprietary brands would be making a loss at this point as it is growing quick and being supported by required marketing spend and retailer rebates. This is a long term strategy to grow market share in an overall growing pie.

In summary, better than expectations and alot of progress being made.