Blackmores profits slide

AUSTRALIAN vitamins and supplements brand, Blackmores, has announced a 19% decline in its underlying net profit after tax for the 2019 financial year, to $55 million.

In a statement to the ASX, the company revealed its full year revenue climbed 1% to $610 million, with changes to Chinese e-commerce laws negatively impacting sales (down 15% on 2018).

However, the company’s in-country business recorded strong growth, with sales up 22%.

Within the Australian market, Blackmores retained its status as the number one supplement brand with 15.9% market share, with sales of $267 million in Australian and New Zealand.

The company also announced total dividends for the year at $2.20 per share, fully franked.

Blackmores is expecting to gain operational efficiencies in H2 FY2020, as a result of business improvement initiatives.