Murray Goulburn has just closed what its CEO has called a "difficult" 12 months. In reality, it has been tough for the Australia-based dairy foods and ingredients group for longer than that. In April 2016, the Devondale brand owner announced a cut to the price it paid suppliers for milk, issued a profit warning and the departures of its CEO and CFO. Current chief Ari Mervis joined Murray Goulburn in February this year and has seen the supply of milk into the business continue to fall, denting sales. Under Mervis, Murray Goulburn has embarked on a strategic review and this week, the company, alongside its 2016/17 results and 2017/18 outlook, spoke at length about the reappraisal of its business. Dean Best reports.