Some interesting points out of the MBH results in an AFR article.
Earlier this month the group entered into exclusive arrangements with unnamed buyers for premium milk and yoghurt producer Paris Creek Farms, and the smaller St David Dairy. Writedowns of $17.5 million at the two businesses sent the overall company to a bottomline loss of $12.5 million.
Paris Farms lost a white milk supply contract in early 2021 which meant it struggled with a lack of scale. “Ultimately, we decided it was better for someone else to be the owner,” she said.
And then on the importance of online sales, admittedly by a brand with much better national recognition (under one brand name)
E-commerce sales now make up 66 per cent of total sales. “We expect that will continue to go higher,” Ms Millard says. E-commerce sales increased by 32 per cent, but the online business had to wear an extra $1.2 million in extra costs from container shortages and COVID-19 disruptions.
Dairy is a tough sector to make money in, especially without scale. If we exit Dairy, we may as well exit Food altogether. The Tassie food strategy simply has not worked. Time to sell the business and distribute funds as best they can I think.
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