21 May 2021

My Food Bag releases first results ahead of predictions

11:34 am on 21 May 2021

My Food Bag has released its first results after listing on the NZX in March which is ahead of its forecast.

no caption

Photo: Facebook / My Food Bag

Its revenue of $190.7 million is up 24 percent on last year and up $1.2m on its prospective financial forecast for its initial offering.

The company delivered 4.8 million meals in the financial year FY21, up 22.6 percent on the last year, FY 20.

It has 66,492 customers.

It is attributing the results to the success of new products, particularly My Choice.

My Food Bag chair Tony Carter said its initial public offering was a significant milestone for the company, and its significant investment in innovation and technology in the lead-up to the IPO helped underpin this year's strong growth.

Carter said the company's strong position has ended FY21 in a strong financial position and made it well-positioned for growth opportunities, alongside strong cash flow generation.

My Food Bag has reaffirmed its FY22 forecast of $186.4m, EBITDA (earnings before interest, taxes, depreciation) of $34.2m ,and its net operating profit of $20.1m.

Its first dividend as a listed company is expected to be the interim dividend paid in December 2021.

Get the RNZ app

for ad-free news and current affairs