A restructured management approach that has put more onus on staff is paying dividends for farm managers Isaac and Michelle Johnstone.
At today’s AGM the company told shareholders that group revenue for infant formula sales was $204 million, compared to NZ$40 million for FY15.
Sales of infant formula now account for 61% per cent of group revenue, up from 27%.
A2 chairman David Hearn told the AGM the past 12 months had been transformational for the company.
"The past 12 months have seen quantum shifts in market presence, in consumer awareness, in revenues and, ultimately, in earnings,” Mr Hearn said.
"We started FY16 as a predominantly Australia focused brand with a significant and growing presence in the liquid milk market and an encouraging but still underdeveloped position in the infant formula market. Outside Australia, we had footprints in China and the United Kingdom, with infant formula and liquid milk respectively; and had recently started on a supply and distribution build in Southern California, USA.
"One year later I am pleased to say the picture is dramatically different … the outstanding progress of the business over the past year has also transformed our financial position, with earnings and cash flow considerably in excess of our expectations at the start of the year.”
A2 chief executive chief executive Geoff Babidge also told the meeting the company planned to launch four new adult health health focussed products in early 2017.