Aus growth lifts A2 profit
Specialist milk producer A2 Corporation has doubled its profit after tax to $4.4 million on the back of strong growth in Australia.
In its full year results to June 30, released today, A2 reported its sales in Australia increased 48 per cent to $62.5m.
Sales in Australia accounted for 98 per cent of the company's operating revenue. The company's directors said in a statement that plans were afoot to expand into the United Kingdom and launch a branded infant formula in China.
A2's bottom line was bolstered by a $1.1m net settlement of a legal dispute with former licensee in the Republic of Korea.
Managing director Geoffrey Babidge said the board of the NZAX-listed company was "extremely pleased" with the results.