Got Milk: Two ASX dairy stocks have more than doubled this year
Food & Agriculture
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It’s been a tough year for dairy and milk stocks on the ASX but two have managed to gain over 100 per cent this year.
The top stock is Maggie Beer (ASX:MBH) which is up over 160 per cent in 2021. It is a diversified foods business, named after the famous food chef whose sold her business to the then-known-as Longtable in 2019.
Since then the company, which also owns the St David Dairy business, has not missed a beat.
A trading update last week noted the combined group would generate over $11 million in earnings and $85 million in revenue on a 12-month basis.
It also announced it was launching a new range of finishing sauces and bone broths – to be launched in Woolworths stores in October.
Second is Bioxyne (ASX:BXN) which makes infant formula supplements – powdered and added to make it suitable for babies’ gastrointestinal systems.
While the company’s sales in the March quarter were slightly down compared to the prior corresponding period, it was near breakeven on operating cash flow basis and had $1.6 million in cash in the bank.
The company also reported product registrations in its Asian markets as well as successful product development and testing.
Bioxyne was also one of the few monthly winners, surging 21 per cent in the last month.
It was only outdone by Beston (ASX:BFC) which gained 27 per cent.
The gain comes despite little news out of the company since an April 9 announcement where newly installed equipment at its lactoferrin plant delivered lactoferrin with purity over 95 per cent.
The company is hoping for initial sales this quarter and forecasts revenues for FY21 between $130-$145 million.