Synlait (ASX:SM1) has warned its FY24 revenues will come in below its previously stated $45M – $60M guidance.
“Unforeseen” conditions associated with the year’s end also saw Synlait unable to offer investors an upgraded outlook at all on Wednesday.
A combination of internal reviews and initiatives, coupled with what the company described as manufacturing and shipping problems, were ultimately pointed to as why the company couldn’t provide downgraded guidance.
“Synlait remains on track to meet its minimum adjusted EBITDA for FY24 for bank covenant purposes, as announced on 3 July 2024,” the company wrote at the end of its release on Wednesday.
It’s likely to be another blow for Synlait investors who maybe hoped FY24 could kick off a fresh page. One year returns are down -80% and YTD performance is down -66%.
SM1 last traded at 30cps.