17th December 2020 By Staff Reporter | firstname.lastname@example.org | @foodtickernz
A2 Milk Company has stopped the trading of its shares on the NZX and ASX while it revises its earnings guidance.
The dual-listed firm said this morning that the halt would remain in place until it made an announcement or the opening of the market on Monday 21 December 2020.
A2 Milk told the ASX: “We have become aware of information which may require us to release an announcement to revise our previously issued guidance to the market.”
“We are requesting a trading halt to provide us with additional time to properly consider the current information and to consider new information as it becomes available, and inform the market.”
The company said in November that it would maintain September’s revenue guidance, which indicated that despite continuing uncertainty in the market it expected an uptick in activity in the second half of FY21.
In September, A2 Milk downgraded its forecasts when it advised of “significant disruption” as a result of Covid-19 and its impact on the corporate daigou channel, particularly due the lockdown in the Australian state of Victoria.
The company forecast group revenue for the first half to be $725m to $775m. Full-year group revenue was expected to be between $1.80bn to $1.90bn, and the company’s FY21 EBITDA margin would be in the order of 31%.
However, interim chief executive Geoff Babidge warned then that volatility arising from Covid meant “naturally there is uncertainty to this forecast”.
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