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Saturday 21 May 2022

My Food Bag lifts lid on “strong” full years

8th April 2022 By Bridget O'Connell | | @foodtickernz

My Food Bag has released some early numbers ahead of its full year results, saying it has “performed strongly” over the period, despite Omicron dampening the final quarter.

Meal kit company My Food Bag

The listed meal kit company, whose shares have largely been in decline since listing in March last year, said revenue was up 1.7% on the year prior, coming in at $193.9m.

It also released its pro forma EBITDA of $34.2m – up 17.9% on last year – in what it described as a “brief update in the interests of keeping the market informed of trading and operations following the conclusion of the financial year ending 31 March 2022”.

The company’s shares rallied on the announcement, jumping from 89c to $1 this afternoon.

MFB laid out the performance against the prospective financial information that it circulated at the time of its initial public offering. It said revenue was $7.5m ahead of forecasts while EBITDA and NPAT were in line.

“These unaudited results demonstrate My Food Bag’s continued track record of strong year-on-year growth and delivery to forecast,” chief executive Kevin Bowler said.

“During FY22 we launched our first significant step outside of weeknight meals with The My Food Bag Kitchen offering, as well as expanded our recipe choice availability to most customers.”

The company said the Covid-19 Omicron outbreak and inflationary environment presented “ongoing challenges” to its operating procedures, productivity and costs in Q4 FY22.

“The result of these temporary impacts dampened Q4 financial performance, however these impacts have largely been alleviated in recent weeks as our processes have adapted and case numbers have started to reduce in Auckland.”

MFB said it will release its audited FY22 results prior to the market opening on Friday, 20 May 2022.



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