A2 Milk Co lifted annual sales 68 percent, just beating the guidance given in May, and said it expects to maintain an earnings margin of about 30 percent in the coming year even with increased spending.
A2 Milk Co's new managing director and chief executive Jayne Hrdlicka will start on July 16, replacing Geoff Babidge who had been in the role since 2010.
Dairy marketer A2 Milk and milk processor Synlait Milk have agreed to extend their infant formula supply deal and increase the volume of formula Synlait will supply as the two continue to focus on sales in the lucrative Chinese market.
Here's the news in brief from New Zealand's political economy on Tuesday, including news a private member's bill to create a new debt mediation service for farmers passed its first reading, New Zealand job advertisements continued to grow strongly and Australian wage growth remained very weak. The combination doesn't bode well for falling net migration here.
A2 Milk Co forecast a surge in full-year sales and said its gross margin in the second half has stayed in line with its first half, as expected.
Here's the news in brief from New Zealand's political economy on Tuesday, including a confronting hikoi outside Parliament for Treaty Settlements Minister Andrew Little, Mercury (formerly Mighty River Power) losing its place in a key global stock index to A3 Milk, meat prices falling as mycoplasma bovis culling intensifies, MPI denying it might block all stock movements on Gypsy Day (June 1) to contain the disease, and movements in TVNZ's political reporting team.