Blog: Katy AskewSynlait 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.

 

BLOG

UK food producers call for "best possible single market access" post-Brexit

Since Theresa May took over as UK Prime Minister in the wake of the country's referendum vote to quit the European Union, she and her ministers have been at pains not to divulge their negotiating posi...

BLOG

Greenpeace trains sights on Sainsbury's over John West tuna

Greenpeace's long-running campaign against UK tuna brand John West, owned by seafood giant Thai Union, is now directing its fire against Sainsbury's....

BLOG

Post-Trump victory, TPP trade deal appears dead

The Obama administration appears to have conceded the landmark Trans-Pacific Partnership (TPP) trade deal will not be pushed through in the lame-duck session of Congress before Donald Trump is inaugur...

just-food homepage



Forgot your password?