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My Food Bag scores record half-year earnings

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.

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Vincent Heeringa

Vincent Heeringa

Vincent Heeringa is a communications strategist, writer, marketer and PR expert specialising in tech, investment, and sustainability. He was co-founder of Idealog, Stoppress and Good magazines and helped establish the Science Media Centre. He is the host of a podcast ‘This Climate Business’, co-founder of The Feed.co.nz, and a trustee of the Adventure Specialties Trust. And there's nothing he loves more than a good story. vincentheeringa.com

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