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

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

Related Posts

On the road to net-zero, where’s your supply chain heading?

On the road to net-zero, where’s your supply chain heading?

On the road to decarbonisation, sustainable supply chains are a crucial area with vast room for improvement. There were 131 billion parcels shipped worldwide in 2020 — a figure that is predicted to double in the next five years. Asia represents a huge market for...

Plastics free July: The good and the ugly on food packaging

Plastics free July: The good and the ugly on food packaging

Positive signs are on the horizon, but much work is still to be done and greater scrutiny is needed by supermarkets and food producers in taking responsibility for their food packaging.  That’s the view of Dr Joya Kemper, who specialises in consumer behaviour, the...

Seeka’s sustainability report tracks path to 2050

Seeka’s sustainability report tracks path to 2050

Seeka has released its first comprehensive Sustainability Report, tracking its carbon footprint as it grows, packs and exports orchard produce to markets around the world. Seeka’s Sustainability Report 2022 focusses on establishing the base methodology for...