Trying to be on a recovery mode: Bellamy’s Australia Ltd (ASX: BAL) reported a revenue growth of 3% yoy at $240 million, while posting net loss after tax of $0.8 million (down from $38 million profit previously), impacted by one off costs associated with the business reset including a $27.5 million one off payment to Fonterra. Normalised operating cash-flow has been positive since March 2017 and currently in a net cash position. The company’s sales gained momentum through 2H17, price realisation increased, and there has been a slow recovery in market pricing across retailers and platforms. Further, operating cost base has been reset with a 23% reduction in overheads versus 1H17 and the company is able to reinvest. Moreover, FY18 will be a year of continued investment in brand, marketing, product, supply-chain and internal capability.