NOU - Noumi Limited

[Dona Ferentes]

Freedom Foods Group has shed its name, and part of its rocky past, as shareholders voted in favour of its new moniker, noumi Ltd. The name change is required following the sale of the Freedom Foods brands with the Cereal and Snacks division this year.

At its AGM on Thursday, a largely refreshed board survived a spill motion after a small protest vote on the remuneration report meant no second strike was recorded.

New chairman Genevieve Gregor said the UHT milk and plant-based drinks maker’s remuneration framework has been completely overhauled to offer appropriate rewards and incentives.

 

[galumay]

I am amazed its survived in any form. It fascinates me that any investor would consider putting their capital into something like this, or that any existing shareholders would leave any capital in it. Just mind boggling.

 

[Dona Ferentes]

I am amazed its survived in any form.

Yep. But we aren't of that ilk, corporate cowboys. At least we recognise their form

 

[System]

On November 30th, 2021, Freedom Foods Group Limited (FNP) changed its name and ASX code to Noumi Limited (NOU).

 

[JohnDe]

I hope I'm wrong, but I get a feeling that this company has chopped off so many limbs it has become structurally unsafe and any small gust of ill winds will see it topple to the ground.

The current portfolio of products is trying to aim at the health conscious public, both dairy and plant based. This is a growing market, but there is a lot of competition and it is a controversial one. People with no dietary concerns will have no problems with noumi, but Vegetarians and Vegans may look elsewhere.

Good luck.

 

[Dona Ferentes]

from around the traps... Perich family still running the show.
.
Noumi (ASX:NOU), the company behind MilkLab and a range of plant-based dairy products, formerly known as Freedom Foods, has shown promising progress with a sharp reduction in its annual loss for the year ending June 30, with a loss of $46.9 million. The turnaround strategy, implemented after a near-collapse situation two years prior, delivered a quarter of the staggering $161 million deficit from the previous year.

Annual revenue saw an uptick of 5.6%, reaching nearly $552 million, driven by growing consumer interest in its dairy and nutritional offerings, particularly the MilkLab line of almond milk.

This shift was mirrored in the company's adjusted operating EBITDA, a non-traditional measure of profit, which surged to $30.4 million for the fiscal year 2022-23, compared to a modest $7 million in the preceding year.

The reported net loss incorporates non-cash impairments totaling $8.2 million related to the valuation of plant and equipment in the Dairy and Nutritionals segment, as well as $39.5 million in adjustments to the fair value of convertible notes.

Directors clarified, "Excluding these non-cash items, the Company reported a positive net profit after tax of approximately $0.8 million, compared to a loss of $80.3 million in FY22.”
Directors attributed the 10.8% revenue growth of the Consumer Nutritionals portfolio to investments in brands like Vital Strength and the development of new products.

The company maintained a slight increase in cash at bank and undrawn facilities, amounting to $36.6 million, ensuring sufficient liquidity for day-to-day operations in line with current market conditions and expectations.

CEO Michael Perich stated "The past year marked significant progress for Noumi as we advanced through our three-phase Reset, Transform, and Grow strategy in the face of occasional headwinds. Our focus on executing our plan has yielded tangible accomplishments on the path to sustainable, long-term growth."

"In addition to the continuous expansion of our Plant-based Milks business, exemplified by another record earnings performance of our flagship brand, Milklab, we are particularly pleased with the substantial turnaround in Dairy and Nutritionals."

"Dairy and Nutritionals, which recorded an operating loss in FY22, achieved positive adjusted operating EBITDA in the latter half of FY23, representing a significant stride towards long-term sustainability."

"Looking ahead, our priorities include enhancing distribution for the Plant-based Milks business both domestically and internationally, and solidifying the recovery in Dairy and Nutritionals. Despite challenges posed by the ongoing dislocation of the Australian farmgate milk price from global prices, we remain committed to adapting to the market's demands."

 

[JohnDe]

Another price spike. I can't see a reason for it, but that seems the norm.

 

[Country Lad]

Country Lass consumes some of their products so I have kept an idle eye on NOU. We had a discussion with some retailers during recent travels and it came up that the sales of NOU's products are certainly trending up with some becoming increasingly popular.
The share price has been bumbling along until recently when it was announced the class action has been resolved. It jumped a couple of days and I thought it was now reflected in the price and would wait for it to settle down - WRONG. Up 20% at the moment.
I should have known better because all 5 breakout triggers were there.