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- Health and Plant Protein Group (HPP), formerly known as Buderim Group, has reflected on a busy December quarter
- The company saw a sales growth rate of 15.7 per cent over 13 weeks due to an increase in digital campaigns for the holiday sales
- For the quarter, HPP has been able to reduce its debt by $7.7 million
- Importantly, the company has stated that its orchard production remains on target with a further improved kernel recovery rate
- On market close, HPP is down 3.64 per cent and is trading at 26.5 cents
Health and Plant Protein Group (HPP), formerly known as Buderim Group, has reported on a busy December quarter.
The plant protein company has achieved a sales growth rate of 15.7 per cent over 13 weeks. This was due to the company intensifying its digital campaign for Black Friday, Cyber Monday and the Christmas period.
Notably, more people were shopping online due to the lockdowns, which is why HPP focused on its online marketing.
During the quarter, the company completed a $6.2 million capital raise at 17 cents per share.
With the placement funds and the sale of its Ginger division, HPP has been able to reduce its debt by $7.7 million during the quarter, with $10 million in cash reserves.
Importantly, the company has stated that its orchard production remains on target with further improved kernel recovery rate.
Over the quarter the company spent $2.7 million, with the majority of the costs going towards product manufacturing and operating. At the end of the period, HPP had $10 million in the bank.
Executive Director Dennis Lin says HPP has been able to navigate through volatile trading conditions.
“This is particularly evident through our ability to grow the overall macadamia category in the U.S., despite material declined sales of our industry peers,” he said.
“Within a short timeframe, the company has completed its corporate function improvements, and the platform is ready to execute its vision of becoming a dominant player in its chosen health an plant protein categories,” he added.
Earlier this month, the company invested in EVR Foods, who is the holding entity of the LAVVA brand and its range of plant-based yoghurts.
The purchase comes after the ASX-lister changed its name and ticker code at the end of last year to better reflect its new focus on the health and plant protein food business.
On market close for the weekend, HPP is down 3.64 per cent and is trading at 26.5 cents.
