Join our daily newsletter At The Bell to receive exclusive market insights
- Science-based wellness company Wellfully (WFL) has reported a 177 per cent increase in net consolidated losses to $3.27 million for the first half of FY21
- This can be attributed to higher expenditure despite revenue and royalties being fairly in line with the prior corresponding period (pcp)
- In the half-year, Wellfully incurred foreign exchange losses of $368,525 compared to a gain of $31,884 in the pcp
- The company also allocated more money towards marketing and operations, employee benefits, admin fees, and more
- Positively, Wellfully’s RÉDUIT brand launched its skincare range in August, which was soon followed by multiple partnerships
- A stand-out result was RÉDUIT becoming the official hair tech partner for Victoria Beckham’s Spring Summer 2021 Collection Presentation at London Fashion Week
- Wellfully wrapped up the half-year with $983,205 in cash and equivalents
- Company shares are up a slight 1.28 per cent and trading at 7.9 cents
Wellfully (WFL) has reported a 177 per cent increase in net consolidated losses to $3.27 million for the first half of the 2021 financial year.
The significant loss increase can be attributed to higher expenditure despite revenue and royalties of $339,636 being fairly in line with the $347,573 received in the prior corresponding period (pcp).
In the half-year, the science-based wellness company incurred foreign exchange losses amounting to $368,525 compared to a gain of $31,884 in the pcp.
Wellfully allocated more money towards depreciation, administration fees, director and employee benefits, marketing and operations, materials and requisites, and product design and trial testing.
In August 2020, Wellfully’s RÉDUIT brand launched its skincare range, which includes applicator devices, a cleanser and a moisturiser. The overall brand was established in Switzerland to commercialise Wellfully’s drug delivery technologies in the luxury beauty sector.
In September, the company rebranded from ‘OBJ’ to ‘Wellfully’ to better align with its strategy and focus moving forward.
That same month, it agreed to launch its RÉDUIT brand with beauty eCommerce operator The Hut Group (THG). This meant its sustainable haircare and skincare brand would gain access to THG’s eCommerce network which is made up of market-leading platforms such as lookfantastic.com, hqhair.com, skinstore.com and ry.com.au.
Wellfully also signed a content partnership with Victoria Beckham for the RÉDUIT brand. The partnership saw RÉDUIT be the official hair tech partner for Victoria Beckham’s Spring Summer 2021 Collection Presentation at London Fashion Week.
The company’s research and innovation team spent the half-year developing robust sensor systems for its hygiene devices.
Additionally, the global interest in buccal and inhalation drug delivery for the treatment of COVID-19 and other chronic respiratory conditions led the team to explore opportunities in the nebulizer treatment field for Wellfully’s misting technologies.
Positively, Wellfully wrapped up the half-year with $983,205 in cash and equivalents compared to the $612,172 it started with.
Company shares are up a slight 1.28 per cent and trading at 7.9 cents at 2:56 pm AEDT.
