Milklab and plant-based milks manufacturer, Noumi, recorded a six per cent increase in group revenue to $296.7 million. CEO Michael Perich said the results showed "solid progress" against its strategic plan to Reset, Transform, and Grow.
Snapshot
- Net revenue: $296.7m, up 6% on prior corresponding period (pcp);
- adjusted operating EBITDA: $23.1m, up $35.2% pcp;
- net loss after tax: ($27.7m), up (17.4%)
Strong sales in plant-based milks, particularly Milklab and private label, as well as ongoing improvement in Dairy and Nutritionals were the main drivers of Noumi's solid performance this half.
Perich said the company has focused on higher-margin sales and cost discipline to offset inflation, higher milk prices, and weak overseas demand.
A turnaround in Dairy and Nutritionals despite challenging conditions was also a high point, with positive adjusted operating EBITDA of $2.2 million, compared to $1.9 million pcp.
The Consumer Nutritionals portfolio - Vital Strength, High Protein, Lean Meal, Protein Water - had 10.7 per cent revenue growth due to greater investment in the brands.
"Our flagship Milklab brand continues to perform strongly, with healthy growth across both the plant-based range, particularly Oat Milk, and in dairy, lactose-free. Overall Milklab sales were up 6.8 per cent compared to 1H23," Perich said.
The company is also exploring opportunities overseas throughout South-East Asia.
Perich said they were pleased with the performance of Dairy and Nutritionals, particularly at a time of "significant stress" for the Australian Dairy Industry.
"Despite headwinds caused by Australia's uncompetitive farmgate milk price in comparison to the global market, the segment has gone from a loss 12 months ago to a positive adjusted operating EBITDA through a relentless focus on revenue management, delivering consistent and efficient operating performance, improved service and product quality."
