Noumi Limited (ASX:NOU) Releases Half-Year Financial Results
Financial Performance
Noumi Limited reported revenues of $299.3 million for the half year ended 31 December 2024, representing a 0.9% increase from the previous period. Adjusted operating EBITDA rose by 19.0% to $27.5 million. However, the net loss after tax widened significantly by 196.7% to $82.1 million. The losses in H1 FY25 include a fair value expense adjustment of $36.3m for the convertible notes and a non-cash impairment in respect of the Dairy & Nutritionals segment of $50.0m.
Operational Achievements
The Plant-based Milks segment achieved a record half-year adjusted operating EBITDA of $25.3 million, up 9.2% from H1 FY24. Sales of the Milklab brand grew by 7.8%, driven by strong performance in Milklab Oat and Milklab Almond. The Dairy & Nutritionals segment recorded an adjusted operating EBITDA profit of $4.6 million amidst challenging market conditions.
Legal Matters
Noumi reached a settlement agreement for two Class Actions on 17 October 2024, subject to court approval scheduled for 17 April 2025. The total settlement amount is $43.0 million, with the Group and its former auditors, Deloitte Touche Tohmatsu, liable. Noumi has recognised a provision of $16.9 million related to the settlement.
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