Keydairy, Keytone’s private milk powder brand had revenues of only $1.06m in FY21, this deal alone triples that just based on the initial opening order
FY19 gives an idea of NZ margins as it’s pre OB. Consolidated GP margin of c.27% generated from a sales mix of 12% Prop/88% Cont Mfg. With Cont Mfg running on 20-22% GP margins, Prop must be running much higher to lift the overall margin (do the maths!). I think ~40% has been mentioned previously and I don’t think this is too far off the mark.
KTD Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
