Noumi has reported a statutory net loss after tax of $46.9m in FY23, a significant improvement on the FY22 net loss after tax of $161.1m. Net revenue improved 5.6% YOY to $551.6m in FY23 with growth in dairy prices and Noumi’s Milklab brand growth offset by discontinued plant-based products and lower dairy exports. Meanwhile, adjusted operating EBITDA rose to $30.4m, up from $7.3m the year before.
Revenue lifted 8.6% YOY for Noumi’s Dairy and Nutritionals category to $389.2m, reflecting price increases on lower overall volumes. The category’s adjusted EBITDA improved YOY with a $20.1m full year turnaround to a loss of $0.5m. Margins expanded in the category on higher prices, improved operating efficiency and sales mix. Noumi’s Plant-based Milks segment reported adjusted operating EBITDA of $37.4m up 12% while revenue fell 1% YOY to $162.4m. Milklab plant-based sales rose 10.3% with strong growth in Australian and international markets.