If it wasn't for covid there wouldn't have been party stocking and they wouldn't have had such a strong 2H20. They admit as much themselves. See below from the trading update in April 20. Note they also admit they delayed travel and other expenses and had a favourable NZDUSD cross. In other words growth was higher than expected because of Covid in FY20! So the SP should never as got as high as it did. Growth was still there but temporarily exaggerated. I sold two days later.
"Our 2H20 EBITDA margin is therefore expected to be higher than previously anticipated. This is primarily a result of: • Higher revenue, and hence gross margin, from higher margin nutritional products, in part due to consumer pantry stocking in 3Q20 compared to expectations; • Favourable impact arising from exchange rate movement in USD:NZD impacting on China segment revenue and earnings; and • Lower than expected costs for travel, and other costs as a consequence of a delay in planned recruitment, due to COVID-19 restrictions.It is unlikely that these factors will be sustained as these unprecedented circumstances begin to unwind."
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If it wasn't for covid there wouldn't have been party stocking...
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