Fonterra eyes ‘positive outlook’ for dairy ahead of annual results

15-Aug-2022 - Last updated on 15-Aug-2022 at 15:28 GMT

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New Zealand's top dairy co-operative has provided an update to investors ahead of the release of its annual results next month.

Fonterra has provided an update to its earnings guidance for FY2022, stating that ‘it will be towards the top end’ of its current guidance of 25-35 cents per share.

The co-op’s CEO Miles Hurrell said in a statement that the co-op had made ‘good progress’ and sees ‘a positive outlook for dairy’, with ‘favorable’ supply and demand.

He commented: “While we are still in the process of finalising and auditing our FY22 numbers, we now have enough certainty overall to provide an update ahead of our annual results announcement in September.

“Our co-op has made good progress against our strategy over the past 12 months, and we look forward to updating our stakeholders when we release our results in September. Looking ahead, we see a positive outlook for dairy. We continue to see favourable supply and demand dynamics and remain well-positioned to keep delivering against our strategy.”

Fonterra is expected to release its full financial results on September 22, 2022.