Infant formula and goat milk company Bubs Australia maintained strong growth in the 2020 financial year despite the Covid-19 pandemic disrupting supply chains in Australia and China.
Bubs CEO Kristy Carr said: “Thanks to the foundations laid by the Company over the last two years, Bubs has enjoyed a year of solid revenue trajectory across all core products and in all key markets.
“Despite the challenges caused by the COVID-19 pandemic, FY20 gross revenue increased 32 percent year-on-year to $62 million with second half revenue advancing 28 percent over last year’s second half gross revenue.”
During the year infant formula continued be the company’s most profitable business generating $30 million in revenue, up 58 percent.
The company also expanded into junior nutrition innovation and expanded in Vietnam.
In August @AuManufacturing reported that Bubs was buying a milk products factory in China.
The Bubs brand is also growing in importance, accounting for 60 percent of revenue, compared to 49 percent in FY19.
During the year direct sales to China increased 32 per cent to $13 million, and export markets outside of China delivered 5-fold growth, representing 10 per cent group revenue
Picture: Bubs Australia
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