Ann: Preliminary Final Report, page-4

Hey mate, I just ran a quick comparison against my numbers. Branded manufacturing was pretty close, contract manufacturing had lower revenue but the higher margins meant earnings were close, but there was an $800k earnings gap from weight loss/obesity.

Revenue was a touch lower, but the big miss came from a margin decline. While it's disappointing, I have to admit it isn't surprising given I suspected PBP were investing ahead of the curve in sales and marketing for weight loss/obesity. The change from licensing to what I assume is direct sales would have a short term effect as well.

But definitely not all doom and gloom. Minimal growth, but the share price wasn't pricing in high growth anyway. Cash flow is solid, dividend maintained and outlook is strong. Unlikely to be a catalyst until the half year, but happy to hold for now.