Synlait shares in trading halt
Listed Canterbury milk processor Synlait’s shares have been placed in a trading halt.
The A2 Milk Co more than doubled its profit to $195.7 million in the year to June 30 – over 116% ahead of the previous financial year.
The total revenue was $922.7m, a 68% increase on last year and earnings before tax were $238m, up 101% on last year.
a2 Platinum infant formula sales revenue was $724.2m, an increase of 84% on the previous year.
The company reported that sales of a2 Platinum infant formula again grew substantially in Australia and China, with continued growth in market share. The ANZ market share grew from 26% to 32% by value.
a2 Platinum remains the fastest growing infant formula brand by value in Australia, the company says.
Consumption market share by value grew to 5.1% in China.
Distribution has grown to 10,000 stores in China and 6000 stores in the US.
The company continued raising its brand awareness, expanding distribution in priority markets and adapting to new regulations in China.
Managing director and chief executive Jayne Hrdlicka says full year 2018 has been a year of change.
Rural trader PGG Wrightson has revised its operating earnings guidance, saying trading conditions have deteriorated since the last market update in February.
It's been a bumper season for maize and other supplements in the eastern Bay of Plenty.
Leading farmers from around New Zealand connected to share environmental stories and inspiration and build relationships at the Dairy Environment Leaders (DEL) national forum in Wellington last month.
AgriZeroNZ, a joint venture fast-tracking emissions reduction tools for farmers, is pouring $5 million in a biotech company to develop a low emissions farm pasture with increased productivity gains.
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Te Awamutu dairy farmers Doug, Penny, Josh and Bayley Storey have planted more than 25,000 native trees on the family farm, adding to a generations-old native forest.
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OPINION: Synlait's financial woes won’t be going away anytime soon.