A2 Milk profit soars 47 per cent
The a2 Milk Company has reported a 47 per cent lift in full year profit to NZ$287.7 million (A$272.1 million), thanks to the success of its formula products in Australia and China.
The New Zealand dairy giant reported a 41 per cent increase in revenue to NZ$1.3 billion, with total infant nutrition sales up 47 per cent to $NZ1.1 billion.
The multinational increased its share of the infant nutrition market in China to 6.4 per cent, while in the US milk revenue grew over 160 per cent and distribution expanded to 13,100 stores.
The dairy company said it would exit the UK liquid milk business as there was more opportunity in greater China and the United States.
The a2 branded fresh milk is the fastest growing major fresh milk brand and leading premium milk brand in Australian supermarkets, with a record 11.2 per cent market share and 10.7 per cent revenue growth.