Business stability and strategic capability were the highlights of Bega Cheese’s FY2017 results announcement. Corporate activity drove a record statutory profit after tax of $139 million for the company. While Executive Chairman Barry Irvin was pleased to discuss the significant corporate success for the company in FY2017 which included the acquisition of Mondelez’s Australian grocery business, the sale of the two infant formula assets to Mead Johnson and a successful capital raising he was also keen to emphasise the continued growth and profitability of the core business even in volatile times.
Barry Irvin commented “This has been a very important year for Bega Cheese, the company’s ability to recognise opportunity, adjust to changed market circumstances and deliver predictable, stable financial outcomes is demonstrated not only by the financial outcomes in FY2017 but our action in supporting our dairy farmer suppliers and the continued growth and development of the business.
Bega Cheese reported that despite a 7% drop in overall milk production in Australia last year the company’s milk intake was in line with the previous year thanks to the addition of new suppliers. It was notable that while there had also been a level of uncertainty in the infant formula platform in Bega Cheese’s business the company reported that revenues had stabilised and positive business development continued....
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