Ann: Entry into Manufacturing Agreement with Sprout Organic, page-7

AHF’s Camperdown plant was built as a flexible, small-batch drying facility, exactly so it can switch between dairy and plantbased powders with minimal extra cost (mostly cleaning, minor formulation tweaks, no multi million dollar build-out).

Unlike Synlait’s dedicated mega scale line, AHF’s setup was always designed for co-manufacturing on demand.

Yes, this is a non-exclusive deal with Sprout Organic and won’t move the needle on this quarter’s P&L but it diversifies revenue, boosts factory utilisation and proves the plant can handle premium plant-based formulas.

Think of it as low risk, incremental income that lays the groundwork for future, higher volume contracts without sinking you into a one off capex hole.