Freedom Foods FY18 off to a strong start
Freedom Foods says it is experiencing a strong start to its 2018 financial year and estimates net sales revenue for the year to be at the higher end of the forecasted range it made in its 2017 financial year profit report.
Freedom Foods, which makes health food products, said sales revenue for the first quarter of its 2018 financial year are ahead of plan. It now believes its net sales revenue for the year to be at the higher end of the AUD $340 to $360 million range. Freedom Foods’ 2017 Financial Year net sales revenue was AUD $262 million.
In a statement to the ASX, the company reported it is experiencing strong demand across all business activities in Australia, South East Asia and China with product innovation leading to further sales.
An increasing desire for UHT products have also lead to an uplift in demand at Freedom Food’s UHT dairy facility in Shepparton.
“Based on current contracts and demand growth from Australia, South East Asia and China, total volumes processed are expected to be in excess to 150 million litres in FY 2018 to 240 million litres in FY 2019,” Freedom Foods said.
“The facility processed 85 million litres in FY 2017,” Freedom Foods stated.
Freedom Foods concluded its statement by saying: “The Company expects this and future year’s sales increases to flow through positively to increased operating margins reflecting the ongoing benefits of the strategy and multi stage capital investment program with a acceleration of profits and returns in FY 2018 and beyond.”
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