Noumi Limited Financial Results for H1 FY24

Noumi Limited (ASX: $NOU) has reported its financial results for the 6 months to 31 December 2023 (H1 FY24), showcasing a 6.0% increase in group revenue to $296.7m and a significant 35.2% rise in adjusted operating EBITDA to $23.1m. Despite a net loss after tax of $27.7m, the company maintains sufficient liquidity for day-to-day operations based on current market conditions and expectations.

Executive Commentary on H1 FY24 Performance

The results for the first half of FY24 represent another period of solid progress against our plan to Reset, Transform and Grow the Company, with all key operational financial metrics moving consistently in the right direction. Both of our segments delivered strong sales and profit growth, with another record performance from Plant-based Milks and positive earnings from Dairy and Nutritionals marking a genuine improvement in challenging market conditions.

Summary of H1 FY24 Performance and Outlook

Noumi's H1 FY24 performance demonstrates a positive trajectory with a 6.0% increase in group revenue and a 35.2% rise in adjusted operating EBITDA. The company's focus on higher-margin sales and cost discipline has offset inflation, higher milk prices, and weak demand in overseas markets. Despite a net loss after tax, Noumi maintains sufficient liquidity for day-to-day operations. The company remains positive about its progress but refrains from providing financial guidance due to macroeconomic uncertainty and evolving consumer preferences.