Ann: H1 Progress Update - Investor Presentation, page-5

Result was lower than I expected. Maybe estimating the 'lost' revenue from WOW destocking on 1H17 results would have been a more valuable figure to report than providing % variance commentary on yet another new data set (i.e. sell-through from retailers to customers) with no base data to get any meaning from it.

Continued percentage +/- reporting on selective data sets is annoying. Maybe if they provided a simple consistent table with sales $ and volume data each reporting period (with variance to pcp), and then comment on what they believe is important would be more valuable than current results commentary from management.

My thinking is that FY17 EBITDA will be low $4m with no net debt assuming 1H17 was largely impacted by WOW working capital decisions which will be unwound in 2H17. Current SP implies EV/EBITDA of >10x which seems rather high at present. >10x EV/EBITDA would make sense if proprietary product sales made up majority of earnings and the business was not so reliant on WOW.