SM1 Result, page-10

If you take a quick look at just a figure and don't drill into the report you may think that, but if you dig deeper and look at the last line in this paragraph:
The a2 Platinum® brand of infant formula has enjoyed another strong year of growth in both Australia / New Zealand (ANZ) and China, which has driven our growth in canned infant formula volumes (IFC). Late in FY18 we extended our supply agreement with a2MC, providing for a five year minimum term to 31 July 2023, as their exclusive manufacturer of IFC for the ANZ and China markets (to agreed volumes). We also increased the dedicated manufacturing capacity available to a2MC for future growth.

and
Finished goods inventory increased $55.1 million (82%) to $122.6 million driven by finished goods inventory quantities having increased by 78% since FY17. The majority of the increase in finished goods inventory is bulk infant formula that has been manufactured to meet forecast consumer packaged infant formula sales in the first quarter of FY19.

and
Raw material inventory increased by $7.6 million (50%) to $15.2 million. These raw materials are primarily made up of lactose and other ingredients for infant formula production as well as packaging and associated consumable items. The increase is the result of forecast growth in consumer packaged infant formula sales in FY19.

and
Volumes to other IFC customers have been modest, particularly in the second half of the year as we work to secure product registrations for the key markets of China and the U.S. These have been slower than expected.

All indicates that A2M is going great and that Synlait have been getting ready for a bumper year ahead for A2m.

Havent read in depth yet but all looks good for SM1, good result considering they were flagging a weaker second half to the year.