January 11, 2017 / 2:41 AM / a year ago

BRIEF-Bellamy's Australia issues guidance;Updates on management changes

Jan 11 (Reuters) - Bellamy’s Australia Ltd :

* Co’s revenue and profitability have been impacted by lower than expected demand for bellamy’s infant milk formula

* Fy17 revenue is expected to be in range of $220m to $240m

* Revenue for 1h17 are expected to be in range of $115m to $120m

* Inventory levels as at 31 december 2016 are expected to be approximately $105m to $110m

* Company’s expected gross profit margin for 1h17 is range of 39% to 40%

* Company’s expected ebit for 1h17 is $12m to $14m, representing an ebit margin of 10% to 12%

* Company’s expected ebit for fy17 is $22m to $26m

* Nigel underwood has been appointed as acting chief financial officer

* co’s former cfo, shona ollington, will continue with bellamy’s as part of finance team and will report to nigel

* Notes recent media references to possible class actions against company

* No class actions have been served on company

* Company’s profit after tax in 1h17 is expected to be between 6% and 9% of revenue, reducing to 4% to 6% in 2h17

* Board has also initiated a cost management program to reduce expenses throughout business

* Chief executive officer laura mcbain will leave the company

* Overall for fy17, gross profit margin is expected to be in range of 35% to 38% Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below