• Revenue up 38% to $37.6m, driven by product and market diversification
• Net profit after tax of $2.4m, a significant turnaround from prior year loss
• Operational performance improved with increased customer demand and manufacturing efficiencies

Clover Corporation Limited (Clover) has reported a revenue increase of 38% to $37.6m (2024: $27.3m), an improvement on the 2H FY24 $34.9m. Clover reported Net Profit after Tax of $2.4m for the half-year ended 31 January 2025 (2024: $0.6m loss), a significant turnaround from same time last year. The strong financial and operational performance was driven by Clover's product and market diversification strategy, as well as improved manufacturing efficiencies. Strategic initiatives in product mix optimisation and manufacturing efficiencies contributed to an improvement in gross margins and EBITDA, which grew to $4.3 million. Clover's commitment to innovation, including non-allergenic and plant-based powders, continues to drive growth by providing new solutions for customers. Despite a subdued global infant formula market, Clover has seen a recovery of business across Europe and ANZ and is benefiting from an uplift in online sales and strengthening demand from its western manufacturing customers. Additionally, Clover's expansion into DHA applications across pet food, nutraceuticals, sports nutrition, and adult nutrition is creating new revenue streams, while its investment in fish oil sourcing will help secure critical raw materials in a constrained market. Operational performance improved in line with the increased customer demand, with utilisation and collaborative planning with Clover's partners in Melody Dairies delivering the best 1H performance since its formation.

The Board expects the momentum of 1H FY25 to continue with a stronger 2H assuming current forecast demand and the global conditions prevail.