Sammieboy - In my estimation, the key metric on the slide you...

Sammieboy - In my estimation, the key metric on the slide you show "FY22 Outlook" is the revenue/litre of milk - increasing from .77c to 1.05-1.17. That's increasing as lactoferrin, whey etc kick in production and sales.

I really don't think the statement "Mozzarella and Cheddar cheese contribute nil profits" can stand up to scrutiny. I would agree with your statement if all the by-product of Mozzarella (pre and post production) were flushed down the loo! They are not. Key to understanding BFC business is not comparing single product profitability against the cost of a litre of milk. It's the basket of goods produced from every litre of milk that counts. Every litre of milk that produces Mozzarella also produces lactoferrin and whey powder.

That is why the key metric is revenue/litre of milk. A 44% increase of that figure indicates that the business is coming together (at last) and assuming economies of scale I would expect this to flow into substantial EBITDA growth through FY22.