Lower than expected sales have obliged the Board of Westland Milk Products to lower its predicted payout range for the 2018-19 season to $5.80 - $6.00 (previously $6.00 to $6.20).

Chairman Pete Morrison said factors driving the revision included the fact that the last quarter’s sales targets for infant and toddler nutrition (ITN) will not be met.

“While we have seen increased production of ITN by 29%,” Morrison said, “the budget was reliant on the business achieving 52% sales growth, and now the forecast sales growth is 34%.

“This situation reinforces Westland’s need to have better and more direct sales channels and to reduce our reliance on third party distributors,” Morrison added.

“As previously advised in our media statement about the proposed sale of Westland to Chinese company Hongkong Jingang Trade Holding Co., Limited - a wholly owned subsidiary of Inner Mongolia Yili Industrial Group - the Board believes that one of the benefits of the proposal is that Yili will provide a strong route to market as one of the world’s leading dairy producers.”

ENDS

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