Manufacturing News

Manufacturing news briefs – stories you might have missed

Manufacturing News

IDT Australia’s strong year as it develops mRNA technologies

Independent pharmaceutical manufacturer IDT Australia has reported revenues up 74 per cent in the first half FY 22 to $8.56 million as its developed its capabilities in sterile manufacturing. Profit after tax was $1.21 million, up slightly from $1.12 million in the previous corresponding period. During the period the company upgraded its sterile manufacturing facilities, partly supported by a federal health department grant. IDT utilised the facilities to manufacture Australia’s first cGMP mRNA Covid-19 vaccine candidate in readiness for clinical trials in 2022. The candidate, the Monash University/Doherty Institute mRNA Covid-19 receptor binding domain vaccine, makes the company the only one in Australia with direct experience in mRNA manufacturing processes. The company ended the half with cash of $13.3 million, up 82 per cent.

Bega Cheese booms but Covid costs

Dairy foods and spreads manufacturer Bega Cheese reported a 29 per cent increase in net profits to $28 million in the six months to December, driven by growth in sales of its soy milk brand Vitasoy. The company reported statutory earnings before tax, interest, depreciation and amortisation (EBITDA) rose by 47.7 per cent to $97.2 million, on revenue up 113 per cent to $1.51 billion. Bega was hit by disruptions from the Covid-19 pandemic, costing profits of more than $20 million. Global supply chain issues saw higher prices for fuel, packaging, coffee and resin, while suppliers missed delivery time, and there was “significant absenteeism” in Bega’s workforce.

Elphinstone breaks into South American market

Tasmanian mining equipment manufacturer Elphinstone has booked its first sale in Ecuador, delivering a UG20K underground grader (pictured) through local CAT dealer IASA. The UG20K maintains mine haul roads for increased productivity and reduced operational costs. The vehicle boasts LED lighting, emergency control brake, automatic greasing system, multi-view camera and fire suppression systems. During the week it was announced the company would produce armoured hulls and turrets for the Australian army’s next generation artillery system, the Hanwha AS-9 Huntsman.

Cyclopharm’s record year

Radiopharmaceutical company Cyclopharm has reported full Year 2021 results including Record Sales revenue of $17.7 million, up 20.6 per cent on the prior corresponding period. a record revenue performance. The leading producer of lung imaging products recorded sales of its Technegas product up 7.0 per cent to $13.21 million in FY21, and third-party distribution revenues up 89 per cent to $4.1 million. The company has invested $1.3 million in the final stages of seeking the USFDA approval for the sale of Technegas in the US, with preparations in place for rapid commercialisation in the United States. Final dividend maintained at 0.5 cents per share (cps), bringing total unfranked dividends for FY21 to 1.0 cps.

Ainsworth recovering from Covid-19 slump in gambling

Poker machine and online gamine developer Ainsworth Game Technology continued its recovery from the Covid-19 shutdown of physical gambling facilities globally in the half year to December FY22, recording a profit after tax of $9.1 million, which compares to a loss of $50.1 million in the previous corresponding period. Profit before tax was $10 million. The improved performance came with widespread vaccination programmes across its markets and an increase in industry activity levels. Revenue was up 40 per cent to $100.7 million, with Ainsworth reporting an underlying operating profit of $20.7 million. There was recovering revenue from sales of Historical Horse Racing units in North America, sales in Latin America driven by venue re-openings and a higher contribution from online businesses. Australian revenue fell 13 per cent, driven by a drop in sales in NSW and changes in regulations in South Australia.

Picture: Elphinstone

Subscribe to our free @AuManufacturing newsletter here.

Share this Story
Manufacturing News

Stay Informed

Go to Top