My Food Bag has 57,000 subscribers, a marginal increase of 200 from last year. Photo: Facebook / My Food Bag
Listed meal kit company My Food Bag has modestly lifted its bottom line despite a challenging trading environment.
Key numbers for the 12 months ended March compared with a year ago:
- Net profit $6.3m vs $6.0m
- Revenue $162.1m vs $162.2m
- Operating earnings $16.1m v $16.0m
- Final dividend 0.85 cents per share vs 0.5 cps
The company's revenue was on par with the prior year, and it stabilised its recent decline by maintaining its subscriber base and paying down debt.
It reduced its net debt by $4.9 million to $6.9m.
Chief executive Mark Winter said growth was up 5 percent in the second half of the year with promising results for its low-carb and diabetes health offerings.
The company has 57,000 subscribers, a marginal increase of 200 from last year.
"Our results reflect the positive impact of the initiatives taken to strengthen our customer offering and improve operational efficiency," Winter said. "We're seeing clear signs that these efforts are translating into sustained business performance and renewed growth."
The company remained optimistic about the growth potential of its cheaper Bargain Box brand.
My Food Bag said in the first eight weeks of the new financial year, demand growth continued, and it was confident in managing cost increases.
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