My Food Bag Group Limited (NZX: MFB) Releases FY21 Results

Friday 21st May 2021

My Food Bag Group Limited has announced that its FY21 results were ahead of the forecast outlined in the company's prospective financial information (PFI) prepared in connection with its IPO. My Food Bag reported revenue of $190.7 million, up 24% on FY20 and up $1.2 million on the PFI.

•Revenue of $190.7 million, up 24% on FY20 and up $1.2 million on PFI forecast

•Pro forma EBITDA of $29.0 million, up 78% on FY20 and $0.5 million on PFI forecast

•NPAT of $2.4 million, which includes one-off transaction costs relating to the IPO of $14.1 million

•4.8 million meals delivered during FY21, up 22.6% on FY20

•Active customers of 66,492 in the last quarter of FY21

The growth experienced in FY21 is attributed to the success of new products, particularly through the introduction of My Choice for My Food Bag. It is also attributed to margin improvements as a result of supply chain optimisation and the macro societal effects of the COVID-19 pandemic, which led to faster adoption of online shopping.

Chairman, Tony Carter, says My Food Bag’s IPO was a significant milestone for the company and that the business' significant investment in innovation and technology, and commitment to operational efficiencies, in the lead up to the IPO has helped underpin this year’s strong growth.

“I would like to welcome all the people who bought a slice of My Food Bag this year and recognise their support of this iconic Kiwi business. As a Board, we are conscious of how the share price has performed since the IPO. We want to reassure investors that My Food Bag remains a very high-quality business positioned for growth and committed to achieving what was laid out in the recent product disclosure statement.

“We're therefore very pleased to confirm that our financial performance for FY21 has been stronger than the PFI and to reaffirm the forecast provided in the PFI for FY22. At My Food Bag, we're all working hard to ensure that the business continues to grow, and we expect that growth to be reflected in the share price over time.”

Dividend and forecast

Mr Carter says the company has ended FY21 in a strong financial position with a balance sheet well positioned for growth opportunities, alongside continued strong cash flow generation.

“It has been a busy start to the new year. Trading and operations during the first seven weeks of FY22 have been in-line with expectations. We’ve launched Bargain Box choice and an up-graded iOS app, as well as delivered strong margins through on-going improvements to our supply chain,” says Mr Carter.

My Food Bag is pleased to reaffirm the FY22 forecast provided in its PFI, being revenue of $186.4 million, EBITDA of $34.2 million and NPAT of $20.1 million for FY22.

As outlined during the IPO process, My Food Bag expects to declare and pay dividends twice yearly following our interim and annual results. My Food Bag’s first dividend as a listed company is expected to be the interim dividend paid in December 2021.

Please see the links below for details

Media Release

NZX Results Announcement Form

Financial Statements 31 March 2021

FY21 Results Presentation

Source: My Food Bag Group Limited

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