Manufacturing news briefs - stories you might have missed

Wellnex’s fresh start year

Health and wellness products manufacturer Wellnex Life continued its business transformation in the year to June 30 and increased revenue by 29.6 per cent to $1.4 million. Wellnex’s sale of the Corio Bay Dairy Group and acquisition of distributor Brand Solutions Australia gives Wellnex a portfolio of 15 brands distributed through Chemist Warehouse. Wellnex, previously known as Wattle Health, now has an annualised revenue capacity of $20 million. The company reported a loss from ordinary activities of $24.96 million.

Advanced Braking Technology continues growth

Fail safe sealed automotive brake manufacturer Advanced Braking Technology has continued its sales and profit growth as it focused on expenditures and diversified from its traditional mining industry base to defence and civil construction sectors. The Perth company reported sales up 15 per cent to $10.4 million, with profit after tax up $263 per cent to $620,000. The company benefitted from a number of government programs during the year including Covid-19 assistance and a Defence Global Competitiveness Grant.

Igo scores record year

Diversified mining and processing company Igo has reported a record net profit after tax of $549 million as it moves to develop battery supply offerings. Revenue was also a a record of $919 million generating an operating profit of $919 million. In August the company produced Australia’s first lithium hydroxide chemical products destined for battery manufacturing at its new Kwinana refinery south of Perth. Lithium ore is sourced from its 51 per cent owned Greenbushes mine in Western Australia. CEO Peter Bradford said: “We remain committed to further growth to deliver a diversified portfolio of clean energy metal products, and to do this with a combination of exploration and disciplined mergers and acquisitions.”