On my sub 12ft/lb 0.20 MFR...
If I manually load then it's pellet on pellet at 35 yards.
With a 12 shot magazine:
First two rounds are pellet on pellet at POA.
Rounds 3 and 4 are pellet on pellet but down an inch and a half and left an inch from POA.
Rounds 5 to 12 gradually walk their way up to the POA.
I spoke to Ben about it and he wants the rifle back to check alignments (barrel to probe I think). He thinks that some of the pellets are being shaved as they are loaded from the mag.
I'll let you know Ben's diagnosis (and subsequent fault rectification, if you're reading this Mr Taylor )