ASX-listed beverage and nutritional company, Noumi, has released its 2023 Annual Report, posting a 5.6 percent revenue increase that was driven largely by its plant-based milk brand, Milklab.
Noumi’s net revenue increased to $551.6 million, with adjusted operating EBIDTA enjoying a four-fold jump to $30.4 million.
Overall, net loss after tax was -$46.9 million, representing an almost 71 percent improvement on last year’s results.
While overall plant-based milk revenue was down one percent to $162.4 million, due to discontinued products, Noumi’s flagship Milklab brand, used by cafe operators in more than 21 countries, enjoyed net revenue of $124.1 million, up 11 percent. It also posted a record adjusted operating EBITDA of $37.4 million, up 12 percent. Sales increased just over 10 percent.
The strongest plant-based performer was Milklab’s oat variety, which delivered sales growth of 89 percent.
According to Noumi CEO, Michael Perich, the company’s dairy and nutritionals division also improved significantly, almost breaking-even, when last year it endured a $20.6 million adjusted operating EBITDA loss.
“On top of the continued growth of our plant-based milks business, which delivered another record earnings performance, we’re very pleased with the significant turnaround of dairy and nutritionals … delivering positive adjusted operating EBITDA in the second half of FY23. We can see a pathway to the long-term sustainability of this business,” he said.
Other Noumi brands include Australia’s Own, Vital Strength, Crankt, Uprotein, So Natural and Noumi Nutritionals (B2B).