Clover facing tougher 2014
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Nutritional technology company Clover Corporation (CLV) warned that it was facing some headwinds in the current financial year even as it reported strong revenue and profit growth for 2012-13.
The cautious outlook didn’t stop the stock from ticking up 1.5 cents, or 2.7%, to 58 cents in morning trade as net profit surged 39.1% to $1.7 million and sales increased 16.1% to $44.9 million in the last financial year ending July 31.
The result was a little ahead of market expectations but management is playing down the prospects for a repeat performance as it is anticipating a number of challenges for 2013-14.
Consolidation in the Chinese infant formula market due to changes in local government regulations and the New Zealand milk powder contamination scare are likely to drag on growth over the next 12 months.
Clover sells nutritional supplements to milk powder manufacturers, and demand for milk powder from Clover’s customers will be negatively impacted by the headwinds listed above.
On the upside, Clover has increased its full year dividend by 14.3% to 2 cents a share, re-signed a 5-year contract with a multinational infant formula company and embarked on a phase 3 trial to prove that its supplement will help premature babies.
Clover is part of the Uncapped 100.
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