Ann: F18 Half Year Results Announcement, page-3

Sales growth of 9% pathetic.
EPS growth of 20% is okay but the cashflow was woeful, effectively borrowing to pay dividends.

But the kicker for me was the $9m of shares awarded to senior staff via the LTI scheme. That is a huge sum given that staff have received some very hefty cash bonus' over the last three years. Maybe Marcus Blackmore needs to go back and revisit the employee compensation program.

Also the reference to a +$2m doubtful debt in China demonstrates that somebody was asleep at the wheel.

I sold 60% of my holding at $167 a few months ago. Will hold the balance and look at the annual results in August.