- My Foodie Box (MBX) reports a 31 per cent increase in active subscribers over the month of October following its transition to a new sales strategy
- The WA-based food and logistics business has seen an upward trend in revenue ahead of its move to a new facility with almost 2300 square metres of warehouse space
- To support the costs of the new facility, the company’s directors have committed to funding $350,000 through convertible notes, and MBX is launching a $1 million share purchase plan
- Company shares end the day up 5 per cent to close at 6.3 cents
My Foodie Box (MBX) has reported a 31 per cent increase in active subscribers to 4136 over the month of October.
The company also achieved record net revenue last week of over $160,000 against a four-week average in July of $112,000 per week. This equates to an increase in revenue of almost $200,000 per month since July.
Alongside these increases, the WA-based food and logistics business confirmed its move to a new facility, which it said would improve efficiencies and reduce operating costs.
The new facility has 2275 square metres of warehouse space, 3000 square kilometres of hardstand and 600 square metres of canopy area.
My Foodie Box directors have committed to funding $350,000 through convertible loans to fund costs associated with the move to the new facility.
The company will also look to raise an additional $1 million through a share purchase plan, allowing eligible shareholders to subscribe for up to $30,000 worth of shares at 5.3 cents each.
Other key highlights include the launch of the company’s Thermomix Box, which has reportedly attracted 650 active subscribers and more than 1100 activations for the product so far.
My Foodie Box is also hoping to launch in the eastern states in the new year following its newly-developed eCommerce platform and app. The website is set to launch in early December to enhance the customer experience, improve functionality and introduce additional revenue.
Company shares ended the day up 5 per cent to close at 6.3 cents.