Very strong result!!!, page-76

I thought the result was great. Sure growth could always be higher, and it would be nice to get a precise guidance number. The China segment EBITDA reduced in half 2 - but there looks to have been new market entries into SE Asia markets, and mention of expanding the china Team - so it is very difficult to pull these numbers apart precisely.

I read one analyst was saying that Daigou channels were overstocked, but there is no feedback from this in the IF numbers, with half 2 up 12% on half 1 for revenue. Also Earnings and revenue were up on half 1 if you remove the UK and US from the figures. Much of this stocks the Daigou channel I would think.

Costco and Walmart opens up another good channel for sales of A2M in the US.

There was an extra $10m marketing spend in H1, and $20m spend in half 2 roughly over pcp. This spend appears to be paying off - really you would amortise this spend in the real world as it is significantly an investment. But even with that spend the growth was outstanding.

The arrival of IF competition has not made a dent so far. The Kantar market share number implies a rough 6.6% market share in q4. So the new competition may well have actually grown the size of the A2 IF market, and provided validation for A2M.

All IMO