Wattle Health Australia shares jumped about four per cent in early trading on Friday after the infant formula and milk powder supplier’s March quarter sales far exceeded what was achieved in the first half of the financial year.
However the shares were later suspended pending an announcement by the company regarding the finalisation of a joint venture with Organic Dairy Farmers of Australia and a potential capital raising.
Wattle Health shares were eight cents, or 3.7 per cent, higher at $2.26 when the suspension took effect mid-morning.
Wattle Health shares started trading on the Australian share market in March 2017 at an issue price of 20 cents per share.
The company said its sales for the three months to March totalled $804,380 compared to sales of $661, 260 for the six months to December 31, 2017.
“Wattle Health expects sales to continue to accelerate as distribution channels are expanded both domestically and internationally,” the company said on Friday.
“During the quarter, WHA proceeded with registering its nutritional dairy range products in the growing Vietnamese market and in Singapore and India.”
Wattle Health said that during the March quarter, it made its first sales in Macau and India and continues to explore other territories.
The company also increased its product offering by producing new nutritional dairy products for seniors, mothers and younger school children.
Wattle Health’s product range and distribution network has also been boosted by the acquisition of baby skincare firm Little Innoscents.