One of the worst performers on the All Ordinaries index on Thursday has been the BWX Ltd (ASX: BWX) share price.
In afternoon trade the personal care products company's shares are down 5.5% to $4.37.
Why is the BWX share price dropping lower?
BWX held its annual general meeting in Melbourne on Thursday.
Ahead of the event the company behind the Sukin brand released its presentation, which included its guidance for FY 2020.
Expectations were high for this meeting. So much so, as of Wednesday's close, the company's shares had risen a massive 13% since the start of the week to a 52-week high.
Unfortunately for any investors betting on a guidance upgrade, management only reaffirmed its guidance for the full year.
It said: "With a clear strategic direction now established and a strong, company-wide desire to accelerate the natural beauty revolution, we have entered FY20 with solid momentum. This momentum is underscored today as we reaffirm our FY20 guidance provided to the market at our results in August."
This guidance is for revenue growth of 20% to 25% and EBITDA growth of 25% to 35% in FY 2020.
What else happened at the meeting?
Although BWX's shares have been market beaters in 2019 with a 163% gain, they have thoroughly underperformed over the last couple of years.
For example, in January 2018 the company's shares were trading just short of $8.00. Which means anyone that bought in at that level is still nursing a sizeable decline following its disastrous performance in FY 2018 and the first half of FY 2019.
This has clearly not been forgotten by shareholders, who very nearly gave the company's remuneration report a first strike.
According to its meeting results, 23.97% of votes were cast against the renumeration report. This is just short of the 25% required to issue a first strike.
One company that wasn't so lucky this month was Ramsay Health Care Limited (ASX: RHC). It received a first strike when 29.23% voted against the private hospital operator's remuneration report.
