Blog: Synlait managing 2015 expectations
Katy Askew | 2 December 2014
Amid some pretty bullish statements on the company's performance to date, New Zealand infant formula group Synlait sneaked in a pretty timid 2015 outlook at its annual shareholders meeting.
The company stressed shareholders in attendance were "pleased" with the company's "solid financial performance and continued progress" in fiscal 2014.
"We're pleased that we delivered on the promises we made last year by meeting our prospective financial information (PFI) forecasts. Our $19.6 million net profit after tax (NPAT) was in line with our PFI forecast of $19.7 million, and that's a good result for our shareholders," managing director Dr John Penno stressed.
However, the company was more reticent on its expectations for fiscal 2015 - suggesting that sales gains and higher infant formula prices are likely to be offset during the period. "It's still early in the season, but we expect the benefit of increased infant formula and nutritional sales to be largely balanced out by increased operating and funding costs," chairman Graeme Milne revealed.
The company said that it will update its milk supply pricing in January and provide FY2015 forecasts in March next year. However, I think we can safely say that expectations have been managed.
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