Inventory Build & Cash Flow PressureA large inventory rebuild and H1 operating cash outflow create persistent working-capital strain. Elevated inventories tie up cash, raise financing needs despite an increased NAB facility, and could force trade promotions or slower margin conversion until sell-through improves over multiple quarters.
Airfreight & Tariff Cost HeadwindSignificant logistics and tariff costs are a structural margin headwind during expansion. If persistent, these add to unit costs and can compress gross margins or necessitate higher consumer prices, which may impair durable demand for premium products and strain profitability while volumes scale.
Raw Material & Regulatory Supply RiskDependency on constrained goat-milk supply and need to source offshore lengthens lead times and raises input cost and tariff exposure. Combined with regulatory/geopolitical uncertainty in key channels, this increases execution risk, potential production interruptions and cost volatility over the coming months.