Australian plant-based and dairy milk producer Noumi boasted another year of increased sales in its annual fiscal report.
The ASX-listed beverage company said that in the 12 months to 30 June 2024 (FY24), its group revenue had gone up 6.9% to $589.8 million, with strong sales of plant-based milks, including its Milklab brand.
Noumi said Milklab lifted its plant-based sales by 7.4%, with healthy growth in out-of-home and retail outlets. What’s more, Milklab Oat continued to show a strong performance, rising by 42.5% on FY23, following the launch of an improved formula and supported by an integrated marketing program.
Moreover, Noumi’s successful launch of the 250mL Milklab Minis into retail in early FY24 was followed by the 1 litre launch of the product to meet the growing in-home barista market.
Overseas sales of Milklab plant-based milks rose 20.3% in FY24, with Noumi continuing to pursue an expansion strategy in Southeast Asia and other export markets to tap their potential for quality alternative milks.
Noumi Chief Executive Officer Michael Perich said, “Noumi’s FY24 results demonstrate that the hard work of the past four years in the transformation of the company is paying off. Our strategy has delivered another record operating performance from the plant-based milks segment and underlying improvements in dairy & nutritionals means that business is more profitable and resilient to the current tough conditions in the dairy industry.
“We are very pleased with the performance of plant-based milks, with sales up 9.4% and earnings up 12.3% as both Milklab and Australia’s Own delivered strong results after launching new products, investment in the brands and carefully targeted expansion into new markets.
“Our ambition to make Milklab an international brand is taking shape, with sales of Milklab’s plant-based and dairy milk range now tracking at more than $135 million a year.”
Other Noumi brands include Australia’s Own, Vital Strength, Crankt, Uprotein, So Natural and Noumi Nutritionals (B2B).
To stay up-to-date on the latest industry headlines, sign up to Future Alternative’s enewsletter.
Posted on: