BRG, page-7

May have been feb 13 you saw H.

H2 is always much lower than H1. However look at the presentation, and compare it to the presentations from the half year and previous year - shows the situation better than I can say.

ROW, esp UK, revenues are barnstorming, and look at the (EBIT) margins - 25%! That is a massive upside surprise, and countercyclical, with H2 much stronger than H1.

US - www.fatsickandnearlydead.com, www.rebootwithjoe.com - was a massive hit, but that appears to be over now (new film out October however), and boosted profits and sales massively for a couple of years, but now the end of that has hit profits hard H2 on juicers I think. However Breville is now well known in the US, and the door is open to other products.

Product launches (see pre pg 13) usually reduce profits initially (with the investment payoff upon re-orders). However 4 of the 6 biggest (ANZ and US) were done in H2 (1 each in H1, and H1 FY15). ROW launches will be for smaller markets ATM, so not such a big deal.

The fact that they have another clever marketing/alliance driven hit in the UK, after the US juice man shows that Breville knows how to market for this era. They deserve a massive premium over competitors - it doesn't seem to matter what food related items they are selling - they know how to sell it.

I'm curious too see how this opens tomorrow - I can't imagine analysts will be too negative. Depends if there is any media beat up or sensation in the retirement of the CEO I think (after the chairman not long ago), or any concerns about skeletons hiding in pantries.

GLTA