Maggie Beer Holdings (MBH) is on track to meet its group revenue guidance of $100 million for FY22 following its strong 1HFY22 results.
Snapshot
- trading EBIDTA up $8m to $9.8m pop
- NPAT up by $5.9m to $5.5m
- Maggie Beer Holdings ecommerce sales increased 174.1% pcp
- 59.5% of H1 sales from ecommerce
- HGA net sales up 28.6% on pcp to $34.7m
- Maggie Beer Products (MBP) net sales up 24.7% on pcp to $18.2m
MBH CEO and managing director Chantale Millard said the first half results showed the group had transformed into a scalable, premium ecommerce and omnichannel business with momentum and a strong platform for growth.
Hampers & Gifts Australia (HGA) has been successfully integrated into the business, Millard said, with MBH hamper operations relocating to HGA for better delivery options and times.
The impact of the HGA acquisition was a much more diversified revenue between ecommerce, grocery retail and food service, enabling growth in a “very challenging” market, Millard said.
Group margins increased 5.1 points and the company expects sales growth through the second half due to newly implemented ecommerce technology and new products and ranges across the group.
Covid impacts included increased costs in the supply chain across inbound and outbound freight and labour. Millard said the premium branded portfolio and high level of net sales in ecommerce (59.5 per cent) meant MBH had the scope for strategic price rises if Covid costs continued.
NPD in the group includes MBP launching a new 1 litre stock range and its 500ml bone broth range nationally with a major supermarket chain from May 22.
Paris Creek Farm (PCF) farmers achieved carbon neutral status and will launch “milk from carbon neutral dairy farms” as part of its launch of its two litre PCF branded biodynamic organic milk in 400 Woolworths stores in Victoria and News South Wales in March.
It will add around three million litres of additional milk volume, improving overheads and operational efficiencies.
Millard said PCF is “gearing for growth” even though net sales were down 12.3 per cent, its PCF branded products sales grew 9.3 per cent.
Its Greek Style Yoghurts, launched in June 2021, grew 26.7 per cent in 1H FY22 vs pcp.
St David Dairy net sales grew 7.6 per cent to $4.8 million despite Covid restrictions impacting key customers for extended periods of time.
