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Synlait Milk will process more milk than forecast in FY14
30 August 2013
Synlait Milk will process more milk than forecast in FY14
Synlait Milk will process more milk than forecast following a decision to take a significant allocation of milk under the Dairy Industry Restructuring Act in the financial year to 31 July 2014.
The decision was made after further planning and a small investment in plant and equipment resulted in an opportunity to increase production capacity of its ingredient products without impacting the forecast infant formula and nutritional products business.
The extra milk will result in an increase to the forecast milk supply and production volumes of its ingredient products as stated in the prospective financial information (“PFI”) of its prospectus issued in June 2013. While early in the season the additional total production provides the Company with increased confidence in achieving its forecast financial result for FY2014.
The total volume of milk expected to be taken is still to be finalised however an allocation of up to 50 million litres of milk is available to the Company.
Synlait Milk will provide a general update on 24 September 2013 when its annual result for the year ending 31 July 2013 is announced.
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