Milklab owner Noumi’s annual loss narrows
Noumi, the manufacturer of MilkLab and other plant-based dairy products which formerly traded as Freedom Foods, posted a narrower annual net loss of $46.9 million as it advances a turnaround for the business having nearly went under two years ago.
Revenue from continuing operations rose 5.6 per cent to $551.6 million, underpinned by a strong performance of the dairy and nutritionals business, and the plant-based milks unit, particularly flagship brand Milklab.
Noumi chief Michael Perich says MilkLab will expand locally and overseas.
Adjusted operating EBITDA was up more than 300 per cent to $30.4 million, with profit margins improving from 1.4 per cent to 5.5 per cent due to higher-margin sales and keeping a lid on costs.
Noumi reported a statutory net loss of $46.9 million – a substantial improvement on the loss of $161.1 million reported a year ago. Its 2023 bottom line was dented by impairments and a near $40 million lower adjustment of the market value of convertible notes.
Chief executive Michael Perich’s family was instrumental in helping recapitalise Noumi. The CEO said the dairy and nutritionals unit nearly broke even despite a 26 per cent surge in farmgate milk prices dramatically increasing its biggest input cost.
Mr Perich said: “there is more to do”, and Noumi was making progress to become a more productive and resilient business. He warned on the anti-competitiveness of the Australian dairy sector.
Last year, Noumi sold its stake in Australian Fresh Milk Holdings to help pay a US litigation settlement with Blue Diamond Almond Growers, and separately, settled a Sunday Collab dispute. There are still proceedings brought against the company and its former CEO and CFO by the Australian Securities and
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