Blackmores shares have been on an incredible tear this year, more than doubling since January to tip over the $80 mark and briefly brush $90 at one point.
Back in March, Marcus Blackmore, chairman of Blackmores, wrote to his board to tell them he had sold 150,000 company shares to reduce his personal debt and planned to buy a yacht. Back then, shares were about $48.
It’s a staggering growth rate for a company which has been listed on the ASX for 30 years.
In the company’s annual report released today, Blackmore says diversifying the business, expanding its Asian market share and investing in product innovation and research has been behind the recent success.
“The rapid growth trajectory has not been without its challenges, putting pressure on our ability to meet the increasing demand for our products,” he said.
Group sales of $471.6 million were up 36% year-on-year, delivering a $46.6 million profit, up 83% compared to the prior year’s results.
The company also launched 170 new products and decreased its net debt by 87% to $7.1 million.
But this chart shows the company’s impressive growth over the past few years:
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