Wellnex Life (ASX:WNX) grows revenue over first half

• Wellnex Life (WNX) has grown revenue by 18.5 per cent to $8.84 million during the first half of the 2022 financial year
• According to the unaudited results, the jump in revenue was accompanied by a 14.1 per cent growth in margins for the six-month period to 33.1 per cent
• The increase in revenue comes despite the impact of lockdowns and global logistics disruptions impacting sales
• Wellnex has already received $1.6 million in purchase orders to be invoiced in 2H, and remains on track to achieve or surpass its target of $21 million in revenue for FY22
• Shares in WNX were trading up 7.14 per cent at 10.5 cents each

Wellnex Life (WNX) has grown revenue by 18.5 per cent to $8.84 million during the first half of the 2022 financial year.

According to the unaudited results, the jump in revenue was accompanied by a 14.1 per cent growth in margins for the six-month period to 33.1 per cent

WNX said the increase in revenue comes despite the impact of lockdowns across Australia’s east coast due to COVID-19.

It also dealt with global logistics disruptions impacting sales, and the company said it would counter the same issues from re-occurring in the second half by securing additional stock.

Wellnex has already received $1.6 million in purchase orders to be invoiced in 2H, and remains on track to achieve or surpass its target of $21 million in revenue for FY22.

The growth will be supported by several launches, including supermarket giants Coles (COL) and Woolworths (WOW) stocking WNX’s Wakey Wakey and The Iron Company brand.

Additionally, further growth is expected in the Wagner Liquigesic brand, while the Pharmacy Own brand will also launch in 2022.

“It has been a transformational 6 months for Wellnex with the company experiencing significant growth in revenue despite many headwinds,” CEO George Karafotias said.

“This is testament to the strength of the business which will see continued growth in sales and margins in the fast-growing health and wellness market.”

Shares in WNX were trading up 7.14 per cent at 10.5 cents each at 1:00 pm AEDT.