Blackmores results are in, and it’s a huge jump in profit, up 160% to $48m. Despite the strong result, the shares were sold off slightly as the market was expecting the profit surge. The result couldn’t be faulted, with sales up 65%. Sales directly to China have been strong, now representing about 40% of sales. A key development recently has been the decision to enter the infant formula market in a joint venture with Bega, we expect this to start contributing in the next 12 months. The outlook for the company remains strong, but we maintain our neutral stance on the company due to the high price.