• Synlait milk truck (Source: Synlait Milk)
    Synlait milk truck (Source: Synlait Milk)
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And while some companies rise, others fall. While Australian Lamb Co’s revenue technically fell 53 per cent, that was due to a shortened reporting period. There were four other companies that recorded double digit drops in revenue, with infant formula manufacturers, Bellamy’s Organic and Synlait, registering 18.62 per cent and 18.04 per cent falls respectively.   

In April, Synlait significantly lowered its FY23 guidance, blaming its largest customer for reducing its orders. Not only is a2MC that largest customer, it also owns 20 per cent of Synlait.

Then in September, a2MC told Synlait it was cancelling its exclusivity contract to produce its Stages 1-3 a2 Platinum and China label infant formula, but it still valued Synlait as an important supplier.

Freshmax, a fruit and vegetable wholesaler, is another firm that experienced significant declines over the previous year, slipping 17 places to #68. Wholesale bypass effects have negatively impacted Freshmax as several clients, including the major supermarkets, continue to shift towards purchasing directly from manufacturers. Moreover, the recent sale of its integrated pip-fruit operation in Hawkes Bay, New Zealand, left the company’s revenue strained.

Other businesses on the list like Perfection Fresh, and Costa have been less affected due to greater exposure to international markets and higher levels of restructuring, respectively.

The full report

Top 100: The 2023 Top 10

Top 100: The climbers in 2023

Top 100: The falls of 2023

Top 100: 2023's new arrivals 

Top 100: Key sectors

Food & Drink Business, in collaboration with IBISWorld, presents this year’s Top 100 companies, a ranking by revenue of Australia’s largest players in the food and beverage sector. The report is sponsored by Foodmach.

The Top 100 reflects financial reporting from calendar year 2022 and financial year 22/23. The list is only inclusive of manufacturers and looks at total revenue of the highest reporting ANZ entity of the company.

Packaging News

Birds Eye has committed to sourcing post-consumer recycled (PCR) material as part of its broader sustainable packaging journey, commencing with plastic steam bags.

A new national circular economy framework will be released by the end of the year, which will outline innovations and priorities needed for the country to transition.

Raphael Geminder’s $234m bid to take full control of Pact fell short of the 90 per cent ownership he needed on Friday, resulting in the share price dropping by 9 per cent in trading this week.