Noumi’s revenue slightly improved in the first half, thanks to strong sales of its plant-based alt-milk products including Milklab.
The company’s revenue grew 0.9 per cent from the year-ago period to $299.3 million as plant-based alt-milk products revenue rose 6.6 per cent to $93.2 million.
“Following the launch of new Milklab formats in the past 18 months, plant-based retail sales alone jumped 20.9 per cent in H1 FY25, with exports up 26.6 per cent as Southeast Asian coffee drinkers continued to embrace alternative milks,” said Michael Perich, Noumi CEO.
Meanwhile, dairy and nutritionals revenue slid 1.5 per cent to $206.1 million.
“We have been able to maintain our focus on domestic channels over the past six months to mitigate the impact of persistent weak export markets and the broader challenges for the Australian dairy industry,” said Perich.
The group posted a net loss of $82.1 million, which includes a $36.3 million charge for convertible notes fair value adjustments and a $50 million non-cash impairment of dairy and nutritionals. Without these items, the company would have booked net earnings instead.
Noumi said that the court hearing for the last of its litigation cases related to events prior to 2021 is scheduled on April 17.
“Resolution of the class action will allow us to focus exclusively on the future, including a review of the capital structure to ensure it supports our growth ambition as well as preparing for the May 2027 maturity of the convertible notes,” said Perich.
