40.5% growth for 4m. Above consensus IMO. Management did provide cautious tone by saying they expect growth won't be as strong as the first four months. Not surprising since singles day hasn't been included and second half historically has been better. Not to mention another plant to help with supply coming on board in 2nd half.Don't think it mention about capital management and Fonterra progress which is disappointing. Otherwise solid start to 2019.
Trading update 4M19 $368.4, page-2
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