• Synlait milk truck
    Synlait milk truck

Synlait Milk expects its first half of FY24 to deliver a loss in the range of $17-$21 million due to increased costs and margin changes. Its HY23 net profit after tax (NPAT) was $4.8 million.

While the company said the figure was subject to further review and possible adjustments, HY24 had been impacted by increased financing and operational costs, and Ingredient and Advanced Nutrition margin reductions.

In September 2023, Synlait forecast FY24 earnings before interest, taxes, depreciation, and amortisation (EBITDA) would improve on FY23. It has revised that expectation, saying FY24 will be “broadly flat or down on FY23”.

Synlait and The a2 Milk Company are currently in arbitration over a2MC’s decision to cancel Synlait’s exclusivity contract to produce its Stages 1-3 a2 Platinum and China label infant formula.


Packaging News

An agreement struck between Cleanaway and Viva Energy will see the two companies undertake a prefeasibility assessment of a circular solution for soft plastics and other hard-to-recycle plastics.

Industry groups and local manufacturers, including Kimberly-Clark Australia, have voiced approval of the government's Future Made in Australia Act announced by Prime Minister Anthony Albanese, although there's recognition that the plan needs "fleshing out".

PKN’s latest issue for 2024 is hitting desks, which includes our comprehensive review of APPEX 2024, a preview of drupa, and features on Labels, Sustainability, F&B Packaging, and Design.