Freedom Food’s stock soar on higher profit

  • Sep 03, 2018 AEST
  • Team Kalkine
Freedom Food’s stock soar on higher profit

Freedom Food’s FY18 statutory net profit increased 68.7% to $12.7 million on the launch of 70 new product formats including A2 protein milk variants. Annual net sales increased to $353 million, up 34.5% on FY17, in which dairy segment has been the principal contributor as the segment recorded 49.4% growth delivering $139.2 million of revenue.

Statutory EBITDA has shown positive momentum of $8.2 million to $31.5 million in FY18, driven by the high margin growth in retail and food service channels including MilkLab and Almond Breeze Barista. 

The group has completed 10% equity investment for a consideration of A$4.7 million into Australia’s Own Dairy Group China-AO China, operating in Kid’s milk products. During FY18 the group established itself as the largest supplier of UHT dairy products in Australia, following new brand launches and the addition of new customer contracts in Australia and export markets.

The Board of Directors declared final dividend of 2.75 cps, up 0.50 cps taking total full year dividend to 5 cps compared to 4.25 cps paid in fiscal 2017. The final dividend is payable on 30 November 2018 with record date of 5 November 2018. Earnings per share has gone up by 57.6% to 6.33 cents per share in fiscal 2018.

FY19 net sales guidance remained unchanged at $500 million to $530 million.

After announcing tremendous growth in business, Freedom Food (ASX: FNP) observed 12.137% share price rise to $6.560 on 31 August 2018. FNP is trading at $6.630 on 3 September 2018 (12:44 PM AEST).

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