- Longtable Group (LON) has released its preliminary full-year trading update, revealing the company has recorded a $5.3 million increase in earnings before tax
- The cheese manufacturer also saw an increase in net sales, up 3.5 per cent compared to the 2019 financial year
- Longtable said it ends the 2020 financial year cash positive, with $7.2 million cash in hand
- The company also announced updates on its labels, with Maggie Beer products recording a huge 220 per cent jump in online sales
- Shares in Longtable closed up 33.3 per cent at 20 cents per share
Cheese manufacturer Longtable Group (LON) has released its preliminary full-year trading update, revealing the company has increased net sales and improved its cash position.
Following strong sales results in May and June, Longtable is set to end the financial year with a $5.3 million increase in earnings before tax, compared to 2019.
The premium food group will also walk away with $7.2 million in cash, up from $5.1 million the previous financial year.
In total, Longtable has $10.2 million in combined cash reserves and undrawn debt facilities.
Net sales in the company improved also this year, up 3.5 per cent when compared to the 2019 financial year.
CEO, Chantale Millard, said it was a positive position to be in, considering the current economic uncertainty caused by COVID-19.
"We are looking forward to capitalising on our strong financial base to grow revenue and shareholder value, as well as being able to meet any challenges that may arise over the next 12 months," she said.
Cheesy does it
The cheesemonger said all three of its businesses, Maggie Beer, Paris Creek Farms and Saint David Dairy, achieved positive monthly trading results.
The release of a youtube series featuring beloved chef Maggie Beer helped the eponymous brand increase its online sales by a whopping 220 per cent in the last quarter of 2020, when compared to the same period last year.
Paris Creek Farms sales increased by 18 per cent, quarter-on-quarter. The label also obtained Organic Certification in China, opening up export opportunities to that market.
Longtable didn't release the exact sales results for Saint David Dairy, but says it expects double-digit growth for the brand year-on-year.
However, growth could be stunted by the recent re-introduction of COVID-19 lockdowns announced for Melbourne.
Following the announcement, shares in Longtable closed up 33.3 per cent today, July 9, at 20 cents per share.