Blackmores registers strong growth, momentum expected to continue

Vitamin producer Blackmores has seen group revenue rise 12.8 percent in Fy22 to reach $649.5 million with growth across the company’s three major brands.

This delivered a rise in underlying operating EBIT profit of 19 percent to $56.6 million, with margins expanding 1.1 points to 53.4 percent.

CEO Alastair Symington said the company had delivered a strong result in a year impacted by the Covid-19 pandemic, increased input costs and significant supply chin disruptions.

Symington said: “The resilience of our business model, together with the strength of our brands and distribution channels have enabled the group to respond to these challenges to deliver top line growth along with further margin expansion.

“We recorded growth across all three brands – Blackmores, BioCeuticals and PAW – and all markets for the first time in the last four years.”

Symington said the company’s focus on product innovation and investment in its brands, as well as selling and marketing spending up 4.6 percent, had delivered revenue growth of 12.8 percent.

“This has enabled Blackmores to deliver a 22.6 percent increase in underlying net profit together with a 33.8 percent lift in full year dividend to shareholders to 95 cents per share fully franked.

“Importantly this strong set of financial results has also been delivered alongside the implementation of improvements in our workplace health and safety and further commitments delivered as part of our ongoing sustainability agenda.”

During the year Australian sales were up 2.7 percent, international sales up 31.7 percent and China sales up 10.6 percent along with an 11.2 percent rise in EBIT to $16 million.

Blackmores ended the year with newt cash of $82.2 million.