Join our daily newsletter At The Bell to receive exclusive market insights
- The Food Revolution Group (FOD) has reported a 28 per cent increase in sales revenue at $9.6 million for the first quarter of 2021
- The company reported unaudited earnings before interest, taxes, depreciation (EBITDA) and amortisation of $1.5 million – better than last years loss of $483,000
- During the quarter, FOD secured significant price increases with all of its major retail customers for its Original Black Label (OBL) juice products
- In September, the company also launched Eridani, which is a premium range of marine collagens
- Additionally, FOD will be launching six new products at Coles and Woolworths stores in October and November
- On the market this afternoon, FOD is up 4.55 per cent and is trading for 4.6 cents
The Food Revolution Group (FOD) has given a glimpse of its positive profits for the first quarter of 2021 financial year.
The company reported its sales revenue at $9.6 million, up 28 per cent compared to the first quarter of last year. Unaudited earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at $1.5 million, which is better than last years loss of $483,000.
FOD secured significant price increases with all of its major retail customers for its Original Black Label (OBL) juice products. Majority of the price increases commenced on September 14.
During the quarter, FOD saw a demand for its Orange juice as it helps build the immune system
“It is extremely pleasing to see the turn-around in FOD’s financials due to the team’s execution of our FY21 plan,” CEO and Managing Director Tony Rowlinson said.
In September, the company launched Eridani, which is a premium range of marine collagens. This was the first product launched under the Eridani brand and are manufactured from natural premium ingredients at its Melbourne facility.
Not long after, FOD secured a $1 million order from Chinese e-commerce platform C-Mart, for Eridani.
“The launch of Eridani on the 10th September marks the launch of our wellness range from our state-of-the-art cleanroom facility in Melbourne,” Tony said.
“We secured our first $1 million order from Careline who will be using their 10,000 plus distributors to distribute the range into the Chinese market,” he added.
Additionally, the company said it will be launching six new products into Coles and Woolworths in October and November.
“Whilst I am really encouraged by the solid start to the year, we are trading in uncertain environment due to the COVID-19 pandemic and realise there will continue to be numerous new challenges over the remainder of the year,” Tony explained.
“We continue to build our capabilities and the improvements in our business over the past 6 months demonstrate our ability to manage adversity and stay committed to drive shareholder value,” he concluded.
On the market this afternoon, FOD is up 4.55 per cent and is trading for 4.6 cents at 1:23 pm AEDT.
