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- Release Date: 03/12/13 16:48
- Summary: GENERAL: SML: Shareholders welcome Synlait Milk plans for growth
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SML
03/12/2013 14:48
GENERAL
REL: 1448 HRS Synlait Milk Limited (NS)
GENERAL: SML: Shareholders welcome Synlait Milk plans for growth
Synlait Milk's performance for the 2013 financial year and its plans for the
future were welcomed at its Annual Meeting of Shareholders, held today in
Christchurch.
Managing Director Dr John Penno said FY13 had been a good year.
"The IPO was successful and we are very pleased to welcome all new
shareholders. During the year product volumes and margins continued to grow.
This helped the business deliver on its forecast which was a significant
improvement over performance for the previous financial year."
Key to achieving this result was growth in gross profit, which rose from $600
per metric tonne in 2012, to $750 per metric tonne in 2013.
Commenting on the future Chairman Graeme Milne said, "We're on track to
achieve the financial targets we set for the FY14 year during the IPO. Our
focus is on continuing to increase the proportion of value added products in
our ingredients business, and increase the volume of our infant formula and
nutritional product sales."
"This focus is supported by our growth initiatives which will add lactoferrin
production, blending and packaging of infant formula products and a 40%
increase in production capacity."
Synlait's lactoferrin plant, which is under construction, is on target with
production expected to begin in February 2014.
Lactoferrin is a high-value minor milk protein that is an increasingly
important ingredient in infant formula and adult nutritional products.
A new 22,500m/sq capacity drystore is under construction and is expected to
be commissioned at the end of March 2014, and a blending and canning facility
is expected to be commissioned ahead of schedule in June 2014.
Resource consent applications have been lodged for a new large scale infant
formula spray drying plant for the Synlait Dunsandel site which will provide
the large increase in production capacity.
During the annual meeting shareholders approved the re-election of Graeme
Milne, John Penno and Sam Knowles as Synlait Milk Directors.
End CA:00244673 For:SML Type:GENERAL Time:2013-12-03 14:48:31
