Beston shares are recovering as its jumbo cheese factory comes online
Health & Biotech
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Beston shares have lost half their value since December — but there are signs the stock has bottomed out with a 20 per cent rise over the past week.
The shares last week hit a year-low of 15c — but have since bounced to 19c by 11am AEST Tuesday.
Today’s 12 per cent jump comes as Beston’s new mozzarella factory in South Australia ramps to 500 tonnes a month — up from 160 tonnes in the first two months after it was commisisoned in February.
The factory has a full capacity of 16,000 tonnes per year.
Beston also today announced its new “Fancy Bites” cheese line would be stocked at Woolworths – the first product under its Edwards Crossing premium brand.
Adult cheese snacking had grown more than 30 per cent over the past three years, making it the highest growth category in the retail cheese market, Beston said.
“There has been a distinct lack of innovation in the adult snack market in Australia,” chief Sean Ebert said.
“One of the characteristics of the ‘Fancy Bites’ products is that BFC can easily add new product variants, and at minimal cost, in response to market demand.”
Beston recently received export accreditation and is seting its sights on high-growth, international markets.
“The total throughput of milk across the two factories is now running at 100 million litres of milk per annum, on an annualised basis, and is expected to increase to around 130 to 140 million litres (annualised) over the next 4 to 5 months.”.