Ann: Change of Director's Interest Notice, page-22

Just want to point out that the market may have under estimated the pick up A2 will get with Fonterra also on board next season. They are already co-selling an 'a2' brand under anchor which has massive potential to build on 20% growth in the first half.

I also feel management are being conservative in their forecasts. They know that their marketing strategies are on point and investment here should keep growth at 35-40+% over the next few years, which is contrary to most analysts' predictions of 25%.

It's encouraging to see the growth in gross margins as illustration of the increased scale and this will only increase over-time. Their new products launched only at the end of last year opens up revenue streams not currently being fully factored in imo.