23 Aug 2011

First full year profit reported by A2

12:26 pm on 23 August 2011

A2 Corporation has made its first full year profit, due to strong growth in Australia.

The specialty milk producer made a profit of $2.1 million in the year to June, a turnaround from the previous year's $2.2 million loss.

Revenue rose to $42 million, which managing director, Geoff Babidge says has been led by growth in Australia where A2 estimates the value of its share of the fresh milk market is now more than 4%.

He says the company is building a processing plant in Australia to meet growing demand, while it has merged its New Zealand and Australian management to help growth here.

A2 shares, which are listed on NZX's alternative market, are unchanged at 21 cents each.