Bega trumpets Vegemite revival but milk shortage sinks shares
Simon EvansSenior reporter
Key Points
- Why it matters: Bega Group has shifted further towards being a branded products business.
- Chairman Barry Irvin implores shareholders to be patient after the share price halved in value over the past two years.
- Vegemite sales grew in 2022-23 for only the second year in 20.
The executive chairman of Bega Group says it is on the right path by tilting its business further towards branded pantry products such as Vegemite and Dare iced coffee, in a bid to restore its fortunes after the share price halved in two years.
Barry Irvin said a shortage of milk produced in Australia had dented profit margins as industry players scrambled for the limited supply from farm gates at a time when global dairy commodity prices were tumbling.
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