Watershed vote pulls Synlait back from the brink
In a “watershed vote”, Synlait shareholders have approved a recapitalisation plan that hands over control of the listed milk processor to China conglomerate Bright Dairy.
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.
