Strong Asian sales boost Blackmores profit
Strong sales growth in Asia helped vitamins and supplements company Blackmores record an 18.6 per cent lift in profit to $70 million for fiscal 2018 .
The result came from record revenue of $601.1 million, up 8.9 per cent on the previous year.
“Revenue was a record for the group and in the financial year we sold more product than ever in our 86-year history. The strongest growth continues to come from our businesses in Asia, which delivered record sales in June,” Blackmores chief executive Richard Henfrey said.
“Our focus has been on refining our strategic priorities to capture the significant opportunities for our brands and driving stability within the business to enable sustainable growth,” he said. “Our results for the year reflect this focus.”
The Sydney-headquartered company declared a fully franked final dividend of $1.55 a share, to be paid on October 12. The stock will go ex-dividend on September 26.
According to data compiled by Bloomberg, analysts were expecting an underlying profit of $71 million from the natural health company.
The company’s stock price closed on Monday at $145.25, which is just above its average price for the past 12 months of $141.83.
Last year, the company reported a net profit after tax of $58 million. In fiscal 2017, for the first time in its history, Blackmores recorded more than 50 per cent of its sales to foreign consumers.