Interesting pages 9 & 10. We are now half way through that 2nd HY, so they should have a good handle on it - ie sales momentum, marketing, forward orders, spend etc.
Some positives - strengthening China IF market share, US Growth, doubling down on Chinese marketing investment, revenue growth rate for 2HY broadly in line with 1HY
Some Negative - Lower % margins (albeit largely because of further investment), weaker AUD, global dairy prices going forward to increase the squeeze.
Overall, the story continues. Negative is largely short term and reinvestment in marketing and brand (which is fine as long as get bang for their buck), and the fluctuations with general dairy pricing and currency.