- The Food Revolution Group (FOD) reports a $7.3 million increase to its earnings before interest, taxes, depreciation and amortisation
- The improvement in EBITDA was driven by a combination of juice revenue and reduction of procurement, operational and administration expenses
- Group gross sales were down 0.5 per cent to $42 million, with beverage revenues at $40.6 million, up 13 per cent on last year
- At the end of June, FOD had $4.4 million cash in the bank
- FOD is trading in the grey at 2.4 cents per share at 2:35 pm AEST
The Food Revolution Group (FOD) shares are up today following its preliminary full year results.
Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) was reported at $1.8 million, up $7.3 million from last year’s $5.4 million loss.
The improvement in EBITDA was driven by a combination of juice revenue and reduction of procurement, operational and administration expenses.
Group gross sales were down 0.5 per cent to $42 million. FOD saw a decrease in hand sanitiser sales to $1.2 million compared to FY20’s $5.6 million.
These hand sanitiser sales were in the first quarter and represented the clearance of the remaining stocks.
Beverage revenues were $40.6 million, up 13 per cent on last year, reflecting the strong sales from the Original Juice Black Label brand.
At the end of June, FOD had $4.4 million of cash in the bank and a drawn debt of $6.4 million, a reduction of $1.2 million to FY20’s result.
CEO Steven Cail is pleased with the results for FY21 in this “challenging climate that many businesses are facing” due to COVID-19.
“When you hear the generic turnaround term of ‘Fix, Reset and Grow’, FY21 has proven to be the ‘Fix’ year for FOD and the launch pad for greater things in the future,” Mr Cail said.
“FY21 is a great result for our shareholders, it’s the beginning of the turn-around. The board, along with senior management, are aware that there is still a lot of hard work ahead and the journey has only just begun.”
FOD was trading in the grey at 2.4 cents per share at 2:35 pm AEST.