Maggie Beer Holdings reported record sales in 1H21, with net sales up 28.6 per cent on the prior comparative period. Cheese was the standout - up 76 per cent pcp and cooking stocks followed, rising 44 per cent.
Snapshot:
- 20% ($4.6m) in net sales growth in 1H21 vs 1H20;
- $2.2m trading EBITDA - a $2.1m improvement on 1H20;
- $0.4m positive operating cashflow, a $3.7m improvement on 1H20;
- 28.6% net sales growth for Maggie Beer Products;
- 11.4% net sales growth for Paris Creek Farms;
- 5.5% net sales growth for Saint David Dairy;
- 167% net sales increase on Maggie Beer Products’ ecommerce site, now represents 8% of net sales; and
- Maggie Beer Products soup range launching in April 2021.
The strength and depth of love for Maggie Beer could not be more apparent in MBH’s first half earnings report. The brand achieved net sales of $14.6 million, 28.6 per cent higher than the pcp. Even the mature categories in the range - fruit pastes and paté - recorded 19 per cent and seven per cent growth respectively.
Ecommerce has been the boon for the group, with it now a key strategic goal across the business. The Maggie Beer Food Club membership has more than 60,000 members and website visits exceeded two million, a 35 per cent increase on 2019.
Paris Creek Farms achieved a small positive trading EBITDA, with new product launches and the appointment of a Melbourne based sales rep starting to pay dividends.
Saint David Dairy performed solidly, with new produce launches scheduled for next month. A new truck fleet has seen its fleet running costs drop by 65 per cent and new route planning software is in the pipeline.
The company’s corporate office has relocated to South Australia. It has employed an export manager and is in the process of hiring an ecommerce manager.
