Ann: FY2017 Results Commentary, page-3

Agree on both - marketing spin trying to cover horrendous results, released after the market has closed - very typical of how this company operates and that is down to one person.

The company knows how to make cheese, the awards don't lie, but they don't have much else right at this stage. They've added more resources again which means that sales need to grow even more to offset the increased cost. Their investments aren't going well, both Ferguson and Neptune Bio made losses and are headed for impairments if they don't turn their businesses around, and their dairy farms are obviously struggling otherwise they wouldn't be looking to offload them into a dairy farm trust which they will sell largely to overseas investors. They rabble on about no debt - of course there's none when you've raised $28m in a placement during the year (and then done the investor the courtesy of halving the value of the investment). The China strategy has been a debacle since day one and they've restructured it again hopefully with more success this time.

There's a lot more hard yards before this thing turns the corner - maybe the mozzarrella will be the white knight.