My Food Bag scores record half-year earnings

by | Nov 19, 2021 | News

My Food Bag’s half-year results confirm what we all knew: Kiwis are eating in.

These results demonstrate a strong first half of the year for the business, underpinned by a combination of operational achievements and further product innovation.

Highlights include:

  • NPAT of $9.4 million, up 24.6% on H1 FY21
  • EBITDA1 of $16.0 million, up 11.6% on H1 FY21
  • Active customers up 3.3% compared to the end of H1 FY21
  • Revenue of $98.4 million, down 6.5% year-on-year due to 2020 nationwide lockdown spike
  • Launch of My Food Bag Kitchen, the business’ first significant step outside of weeknight meals
  • Expanded recipe choice to include Bargain Box and Fresh Start brands
  • Fully imputed interim dividend of 3.0 cents per share.

 

Tony Carter, Chairman of My Food Bag says:  “These results mark the halfway point of our first full year as a publicly listed company and demonstrate clear progress, and the achievement of some important milestones, as we grow within New Zealand’s $37 billion retail food sector.

“We are pleased to have achieved record earnings as a business and to be in a position to declare our first dividend as a listed company. While demand remained solid through the half year period, total deliveries of 808,000 and an average order value of $121.81 were lower than the same period in FY21, owing to a spike during the 2020 nationwide lockdown in the early part of the pandemic response.

“Pleasingly, during H1 FY22, the business increased active customer numbers by 3.3% and grew high value active customers2 by 3.1% year-on-year, with margin improvements further increasing their value. Retained customer numbers remained strong at around 60% of active customers throughout the last six months.

About the Author

Vincent Heeringa

Hi, I'm Vincent! I'm a co-founder of The Feed, a writer, marketer and PR expert specialising in food, tech and sustainability. In a previous life I was publisher of Idealog, Stoppress, NZ Marketing and Good magazines and helped establish the Science Media Centre. I'm also the host of a podcast ‘This Climate Business’. When I'm not burning the midnight oil, I'm hitting the town or planting trees with my wife Sarah. Ping me to talk about all things food. @vheeringa

Related Posts

The changing face of New Zealand’s snacking habits

The changing face of New Zealand’s snacking habits

The era of three meals a day for Kiwis may be nearing an end, according to new  research by Mondelēz International (custodian of popular brands such as Cadbury, Oreo, TNCC, Pascall’s, Philadelphia  and Ritz). New Zealand was included in the global food manufacturer’s...

Excitement bubbles over for 2024 Méthode Marlborough harvest

Excitement bubbles over for 2024 Méthode Marlborough harvest

In a world where everything moves at breakneck speed, Méthode Traditionnelle stands as a testament to patience and craftsmanship. Crafting luxurious wines demands time, and for Méthode Marlborough, time is a cherished ally in the pursuit of excellence. As a provenance...

Paris Butter’s Nick Honeyman awarded first Michelin star

Paris Butter’s Nick Honeyman awarded first Michelin star

  Today the culinary world is celebrating the much anticipated unveiling of France’s Michelin restaurant stars. Chef Nick Honeyman, of Auckland’s Paris Butter fame, is among this year's recipients for restaurant Le Petit Léon. Situated in the heart of...