Half Year 2024 A2 Milk Company Ltd Earnings Call Transcript
Key Points
- Revenue growth of 3.7% to $812 million, driven by strong performance in the China segment.
- EBITDA increased by 5% to $113 million, with an EBITDA margin of 13.9%.
- Net profit after tax rose by 15.6% to $85 million, with EPS up 18.6% to $0.11.
- Successful launch and transition of the new GB registered China label IMF product.
- Improved revenue growth guidance for FY '24, with expectations of low to mid-single-digit percent growth.
- ANZ segment sales were down 24%, reflecting changes in distribution strategy.
- MVM sales decreased by 4.7%, contributing to an EBITDA loss of $15.3 million.
- Gross margin decreased by 0.9 percentage points compared to first half '23 due to higher input costs and adverse sales mix.
- English label IMF sales were down 7.2%, with the Daigou channel declining by 18.6%.
- Challenges in the China IMF market, including a 10.7% decline in volume and 13.6% in value, impacting overall market conditions.
Thank you for standing by, and welcome to the a2 Milk Company Limited First Half '24 Results Call. (Operator Instructions). There will be a presentation followed by a question-and-answer session. (Operator Instructions). I would now like to hand the conference over to Mr. David Akers, Head of Investor Relations and Sustainability. Please go ahead.
Good morning, everyone. Thanks for joining the call today. Starting on Slide 3. On the call today, we have David Bortolussi, our Managing Director and CEO; and David Muscat, our CFO. We have also our, leaders from our regions, Li Xiao, Yohan Senaratne, Eleanor Khor and Kevin Bush. The team will present our results and outlook and there'll be time for questions at the end. I'll hand over now to David Bortolussi.
Thank you, David. Good morning, everyone, and thank you for joining the
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