Quote from the KFL Monthly Update:
a2 Milk (+25%) reported a strong result, with infant formulasales and group earnings well ahead of expectations in thesix months to June. The company has managed well duringanother challenging period, including managing a changein major distributor and shifting volumes towards onlineplatforms. It also out-executed rivals in getting product tomarket during the Shanghai lockdowns. a2's marketingis proving effective, with an uplift in share of voice and"top of mind" and "spontaneous" awareness metrics liftingstrongly, consistent with their growth in market share acrosskey channels. Management has done a good job of fixingproblems in the business and building more robust capabilityand processes to deliver on its growth strategy.