Freedom Foods grew revenue in FY21 to $559.0m, up 8.2% from the year before as sales of UHT, lactoferrin and plant-based all rose. The company’s adjusted EBITDA from continuing operations rose 141 to $22.4m, up from a loss of $54m last year. Freedom posted a statutory net loss after tax of $38.8m, a 72% improvement on the restated FY20 loss of $136.4m.

Freedom’s plant-based segments recorded revenue growth of 15.6% to $152.9m in FY21, with adjusted operating EBITDA jumping 193.5% to $25.7m as the category delivered growth across all channels and all brands. Freedom’s MILKLAB brand increased domestic sales 50% in the year while export sales lifted 46%. Dairy & Nutritionals category revenue totalled $394.3m, up 6.8% from 2020, while adjusted operating EBITDA improved but reported a loss of $4.1m, compared to a loss of $56.7m in 2020. Sales of consumer nutritionals rose 5% in FY21 despite a fall in demand caused by closures of gyms and specialty stores during COVID-19.

The Freedom Foods outlook is for increased investment in brand development with growth expected to be largely volume driven with key contributions from MILKLAB and plant-based products in Australia.