Friday 27th November 2020
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The Directors of Burger Fuel Group Limited present the unaudited results for the 6 months to 30 September 2020.
Net Profit after tax for the period was $358,901 compared to $548,092 in the same period last year. This represents a decline of (34.5%).
Group Operating Revenue (excluding IFRS 16 and the wage subsidy income) decreased by (22.7%) on the same period last year to $8.2M. This is mainly due to reduced sales and reduced royalties due to the Covid-19 pandemic which includes support provided to our MENA Licensees who have been heavily impacted by Covid-19.
The Group has no debt and as at 30 September 2020 and had cash reserves of $6.8M.
At this point the ongoing effects of Covid-19 are still unknown however with the Group’s healthy cash position, lower operating costs and no debt we are well positioned for moderate growth of all brands in New Zealand.
In summary, BFG is in a sound position with its finances, talent, intellectual property and future opportunities well in place. We believe that the cautious opening of new locations in New Zealand is well within the capabilities and financial position of the Group, however franchise opportunities remain limited for now.
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