Year to date trading is ahead of plan and previous guidance provided on 19 August 2024, primarily due to a significant increase in MVM external ingredient sales compared to plan and prior year due to higher Global Dairy Trade prices, currency impacts and changes in product mix, which have an immaterial impact on EBITDA1. In addition, English Label IMF sales and Liquid Milk sales are slightly ahead of plan. Having regard to year to date trading and outlook, the Company is now expecting mid to high single-digit revenue growth in FY25 versus FY24, compared to previous guidance of mid single-digit growth. EBITDA margin (as % of revenue) in FY25 is still expected to be broadly in line with FY24, with 1H25 down and 2H25 up compared with prior year.
This announcement in my mind just reaffirms this guidance. They had the opportunity to state they are not going to make guidance and they have not.
Despite the downgrade announcement from Feihe, I expect solid results in August.
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(20min delay)