I thought that this was a very interesting presentation. 1. Like...

I thought that this was a very interesting presentation.
1. Like any commodity business - a relentless focus on costs was stated on P8 and P15. The fact that it was given so much prominence suggests that there is a margin squeeze occurring with the warm water impacting on volume and or De Costi is consuming cash as it is integrated. (my thoughts)
2. Marketing is around the branded product and getting customers to pay a premium for it. (P8) Any initiative that gets a premium for a commodity is worth pursuing.
3. The second last dot point on P9 was a "wow" point for me. I read this to say that TGR want to be involved in the end to end Supply chain of seafood through either JV's or ownership. TGR want to manage more of the seafood business and, I suspect, replicate what they have done with Salmon to other fish. With gearing at 34%, I do not see any large industry consolidation, rather I see TGR selectively purchasing businesses. The comment on mentioning Prawns gives a view of where they see initial value.
4. I found P 11 confusing. I suspect that MR was trying to describe a complex problem simply and without some context, the presentation, IMO, does not seem to have helped.

TGR, IMO, seems to have a strategy of where they want to go. That is critical in a commodity business.

HT1