A2 Milk boss Geoffrey Babidge hopes that the group's New Zealand heritage and close China business ties will enable it to navigate through the damaging trade stoush threatening Australian exports to China.
A2 Milk acting chief executive Geoffrey Babidge hopes the group's New Zealand heritage will help it avoid the fallout from Australia's deteriorating relationship with China.All of a2's infant formula sent to China was sourced in New Zealand, a country with a unique reputation in the Asia-Pacific region as a producer of clean, high quality products, he said.
Mr Babidge, who is helming a2 on an acting basis until the arrival of incoming CEO David Bortolussi, made the comments after a2 delivered its 2019-20 full-year result, which included a 32.8 per cent jump in revenue to $NZ1.73 billion , in line with guidance but just shy of the $NZ1.75 billion market consensus. The result was partly powered by a doubling of infant nutrition sales in China to $NZ337.7 million.
With some analysts expecting a beat, a2 shares slid 6.4 per cent to $18.25 on Wednesday, but the stock remains relatively close to its all-time closing high of $19.94, which it tapped on July 30.
DarrenGrayRural A2 Milk is the biggest con job of the millennium so far. Not a skerrick of independent evidence to support its claims
DarrenGrayRural Oh!! I thought it was an Australian company!?!? So it's kiwi, good to know.....I try to only buy Australian milk
DarrenGrayRural Fingers crossed but NZ is a member to the 5 eyes..
DarrenGrayRural So A2 has China ties.....well that's now off the shopping list....Do not support China in any way.
DarrenGrayRural What a mess Scomo has got this Nation into, with its nonsensical 'all the way with the US of A' cold war with our major trading partner. Whitlam got off to a flying start with his far sighted recognition of China, and Scomo has almost blown it up! We now have to hide behind NZ!!