- Forbidden Foods (FFF) posts its FY23 results, posting revenues of $3.73 million
- The company has expanded its health and protein snack bar range into Australia and the US
- The company owns the Blue Dinosaur brand
- The company will continue to expand its US operations in FY24 following a strategic review
- Shares last traded at 1.5 cents
Australian health foods manufacturer Forbidden Foods (FFF) has reported its FY23 results, posting revenue of $3.73 for the period.
The bulk of sales were driven by the introduction of FFF’s Blue Dinosaur health food snack range into Australian and US markets.
The company was also defined by a board restructure during the twelve months to July 2023, with Mr Alex Aleksic appointed CEO and Mr Jarrod Milani given the title of Non-Executive Chair.
Under the guidance of these new hires, the company also completed a whole-of-operations review which aims to enhance the value of its operations in both the Australian and US markets.
The company also realised a range of cost-cutting measures across the second half of FY23 with the company pivoting to targeted growth initiatives.
This was also underpinned by a $1.03 million share placement to further roll out its near-term growth strategy.
“My appointment as CEO coincided with the end of the period in June 2023, and since then I’ve led a strategic review of the business which resulted in a number of structural changes to how the business is run,” FFF CEO Alex Aleksic said.
Operational progress in the US was strong through FY23 and will remain a focal point of the company’s strategy through FY24. Its FY23 loss of $5.4 million included a non-cash goodwill impairment charge of $1.54 million, prompting the new CEO to examine the existing cost base.
“The review process included a stringent review of historical operating procedures, discussions with key stakeholders and the implementation of a number of new strategies to consolidate growth,” Mr Aleksic added.
“Heading into FY24, I am highly confident that Forbidden Foods now has the right operational structure and management team to capitalise on the unique opportunity for Blue Dinosaur in Australia, along with significant potential in the US.”
The company’s review can be understood in the context of the difficult economic environment facing smaller consumer discretionary stocks. The company posted a loss for FY23 and revenue is down around 40 per cent year-on-year.
Across FY24 the company will continue to develop relationships with major retail groups and retail outlets to further expand the reach of its Blue Dinosaur products, of which hand-baked protein bars are among the best sellers including banana bread and lamington flavours.
FFF shares last traded at 1.5 cents.