Ann: Full Year Earnings update & expected 2016 Half Year Results, page-6

I am a holder of ANN

Reading the update is difficult as there is not much detail...

What I can take from this is :

overall downgrade of 10% from last outlook
sales flat on a constant currency basis which is positive considering resource space
some increase in operational costs in medical/industrial short term
FX largest impact in downgrade
so the business is sound however impacted by headwinds FX and resource environment which is not a major concern to long term investors
As to SP behaviour I believe allot has been factored in the current price at 95c EPS 16 PE =14 consensus prior to announcement was EPS of 1.07 - 1.10 US... no doubt there will be some panic selling by traders
Keep in mind the company has another 50m for buy back which I assume they have paused for block out period prior to 1/2 year results announcements
If you are not in this a good opportunity to buy on the dip