18 Nov 2022

A2 Milk revises underlying full year profit guidance

1:13 pm on 18 November 2022
Spoon with infant formula

Photo: 123rf

Speciality milk company A2 Milk has revised up its revenue guidance, with underlying profit expected to be little changed from last year.

The company released the update ahead of this morning's annual meeting of shareholders, but warned of considerable risks ahead.

"Volatility in currency has the potential to impact the shape of reported results," chief executive David Bortolussi said.

"Should currency remain at prevailing levels for the remainder of FY23, full year revenue is likely to increase to low double-digit growth compared to previous guidance of high single-digit growth."

He said the first half of the year to December was likely to be in line with guidance, which was expected to be significantly higher than the first half of the calendar year to June.

As well, he said sales of infant milk formula to the United States was unlikely to have a material impact on profit.

A2 Milk recently received confirmation from the US Food & Drug Administration that its application to import, sell and distribute its platinum infant formula had been approved through to 6 January next year.

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