Noumi reported a 5.6 per cent increase in revenue in FY23 to $551.6 million, led by the perpetual popularity and growth of Milklab plant-based milks and a significant turnaround in Dairy and Nutritionals.
Snapshot
- Net Revenue: $551.6m, up 5.6%
- Adjusted Operating EBITDA: $30.4m, up 314.7%
- Adjusted Operating EBITDA margin: 5.5%, up 4.1ppt
- Net profit excluding fair value adjustment on convertible notes and non-cash impairments: $0.8m
- Net loss after tax: ($46.9m), up 70.9%
Group EBIDTA was up four-fold to $30.4 million, also reflecting improved performance across the two business units. Group EBIDTA margin increased 4.1 per cent due to a focus on higher-margin sales and keeping a lid of costs to offset inflation, high milk prices, and weak overseas markets.
And net loss after tax was -$46.9 million, a 70.9 per cent improvement on the -$161.1 million pcp.
CEO Michael Perich said, “At a group level we are pleased to have delivered solid revenue and earnings growth, with improvements in operating margins as our focus on higher-margin sales and cost discipline helped offset the impact of cost inflation, higher farmgate milk prices and weak consumer demand in some of our overseas markets.”
Noumi’s brands are Milklab, Australia’s Own, So Natural, Vitalife, Crankt, PurenFerrin, and Vital Strength.
Consumer Nutritionals delivered 10.8 per cent revenue growth through more investment and NPD.
CEO Michael Perich defined the year as having “meaningful progress” that point to “genuine achievements on the journey to long term profitable and sustainable growth” against sometimes intense headwinds.
The plant-based milks business delivered another record earnings performance off the back of flagship brand, Milklab.
Perich said the company was pleased with the turnaround of Dairy and Nutritionals, which had an operating loss in FY22 but delivered positive adjusted operating EBIDTA in 2H FY23.
He said the focus is to build on FY23’s achievements while responding to challenging market conditions, particularly to dislocation between the Australian farmgate milk price from global prices.
The company closed its Marrickville site and integrated the Consumer Nutritionals business into its Ingleburn site.
While working on operational improvements, the company is still managing legacy issues – it has sold its interest in Australian Fresh Milk Holdings to help fund its settlement of US litigation with Blue Almond, settled a dispute with Sunday Collab, and is dealing with proceedings brough by Australian Securities and Investments Commission and a shareholder class action – all relating to its history as Freedom Foods.
