Milk powder plant mess sends Wattle Health to $59m loss

Infant formula group Wattle Health has crashed to a $59 million annual loss after heavy write-downs across the business, the largest stemming from a nearly completed milk powder plant in Geelong in which it invested $44 million but is now in administration.

Wattle, which sells the Uganic brand of baby formula through the powerful Chemist Warehouse chain, is also set to embark on yet another capital raising to try and restore its fortunes.