Shares in a2 Milk jumped after the infant formula maker re-affirmed its outlook for strong growth. By: CHRIS PASH
A short time ago the shares were up 3.7% to $5.50.
The company, in a presentation to the annual CLSA Investors’ Forum in Hong Kong, forecasts continued strong growth in infant formula and milk powders in Australia and China.
a2 also said it intends to establish an on-market share buyback program over the next 12 months of up to $NZ40 million.
The company last month posted a 198% increase in annual profit to $NZ90.65 million.
a2 says it’s working on meeting new rules in China requiring infant formula brands to be registered by January 2018.
Source: Business Insider