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- Fiji Kava (FIJ) raked in over $400,000 in revenue during the March quarter and signed a key distribution deal
- The healthcare stock released its quarterly update on Thursday, showing it notched up a 160 per cent increase in revenue year-on-year
- The company also signed an agreement with Chemist Warehouse to have its Noble Kava capsules stocked in-store and online
- Fiji ended March with $2.33 million worth of cash in the bank, slightly down on the previous quarter, but the company did manage to reduce its expenditure
- Shares in FIJ are trading up 4.17 per cent at 12.5 cents per share
Fiji Kava (FIJ) has revealed it raked in over $400,000 in revenue during the March quarter while signing a key distribution deal with a major retailer.
The healthcare stock released its quarterly update on Thursday, showing it notched up a 160 per cent increase in revenue year-on-year.
Its total revenue over the three-month period was $405,042, which also represents an increase of 27 per cent from the December quarter.
“I am pleased to announce that Fiji Kava has recorded another record quarterly revenue result and continued to deliver quarter-on-quarter revenue growth,” CEO Nicholas Simms said.
“We enter Q4 with growing momentum and with the company having already surpassed FY20 full-year revenues,” the FIJ leader added.
Another development during the quarter involved signing an agreement with Chemist Warehouse to have its Noble Kava capsules stocked in store.
The deal with the major chemist retailer will see Fiji Kava’s range stocked across Australia, New Zealand and online stores, with the rollout beginning this month.
“The pharmacy network is a critical channel for consumers seeking remedies for sleep, mild anxiety and other mind and body ailments, and so we’re delighted to have secured ranging within Australia’s largest pharmacy retailer,” Nicholas said.
Financially, Fiji has revealed it ended March with $2.33 million worth of cash in the bank, slightly down on the previous quarter when it had $3.37 million in the bank.
However, the company said it did manage to reduce its expenditure over the period thanks to an increase in cash receipts.
At the end of Q3, the healthcare stock said it had enough cash to keep the company running for another 2.27 quarters.
Following today’s update, Fiji Kava shares are trading up 4.17 per cent at 12.5 cents per share at 3:36 pm AEST.
