"Apart from the approvals granted in Brazil and the packaging...

"Apart from the approvals granted in Brazil and the packaging facility it still seems a little short of a strategic plan to stop that long story of bleeding. At least good to see sales climbing."

@alnby,

On the subject of the Brazil performance, I'm not sure if you picked it up, but Brazil actually made a record Pre-Tax contribution in JH16 of $0.54m (I suspect this good result risks getting lost in the full-year Pre-Tax Loss (-$0.419m) which was bigger than the full-year loss for FY15 (-$270m).)

But that's because the DH15 result from Brazil was very weak, at an almost $1.0m loss (due to the 35% depreciation of the Brazilian real over that time, as well as the initial cost investment in establishing packaging operations in Brazil).

Because there is significant JH vs DH seasonality in relation to Brazil, it is probably more useful to analyst Brazil's performance by looking at half-yearly breakdowns over time, and comparing like periods:

Brazil Pre-Tax Profit ($m)

December Halves:
DH11: -0.99
DH12: -0.68
DH13: -0.53
DH14: -0.61
DH15: -0.96

June Halves:
JH12: -1.58
JH13: -0.38
JH14: -0.30
JH15: 0.34
JH16: 0.54


As can be seen, excluding DH15, which had a multitude of adverse factors coincide, the trend in Brazil appears to be headed in the right direction. (And packaging operations really just commenced in Brazil some way through the June half, so this is unlikely to have been the sole cause of the improvement.)