Managing Director's Report 12 Months to 31 July 2020

20 November 2020

Vision, Values & Purpose

Vision

To optimise the health and development of adults, infants and children.

Values

Respect, Response, Responsibility

Purpose

In collaboration with key market participants, Clover develop customised high value nutritional ingredients that enhance the wellbeing and dietary needs of their customers.

1

Full Year Performance Highlights

Total full year Revenue

$88.3m up 15% on

FY19 $76.7m driven by improved demand

Net Profit $12.5m up

23.6% on FY19 $10.1m.

Operating Expenses

$11.4m (FY19 $10.3m); investment in R&D programs to deliver growth

New products delivering growth in new segments and countries

Inventory at $31.9m up $4.2m on FY19 full year

Balance Sheet remains strong with cash of $9.2m

Final dividend declared of 2.5cent per share, a 5% increase on prior year final

2

COVID‐19 Implications

  • Our key focus has been and continues to be on the health and safety of our staff; COVID‐19 plans were executed in March and remain in place
  • All customer demand has been met with additional care to maintain safety and higher inventory added to provide a buffer
  • Clover's FY20 result has been positively impacted by global COVID‐19 pantry stacking demand through Q3 & Q4
  • Clover has not sought or received any government assistance
  • New customer development has been curtailed due to the inability to travel, perform audits or attend trade shows
  • Demand in the USA from new business development has been constrained
  • Clover has resourced its business development team overseas to service new and existing customers

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Disclaimer

Clover Corporation Limited published this content on 20 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2020 05:34:01 UTC