Search
  • Stock Specialist

My Food Bag beats IPO forecast

As more people turned to online shopping during the Covid-19 lockdowns, My Food Bag Group announced that its FY21 results were ahead of the forecast outlined in the company's prospective financial information (PFI) prepared in connection with its IPO.


My Food Bag reported revenue of $190.7 million, up 24% on FY20 and up $1.2 million on the PFI.


MFB attributed the growth experienced to the success of new products, and margin improvements as a result of supply chain optimisation, along with the macro effects of the COVID-19 pandemic, which led to faster adoption of online shopping.

Highlights:

  • Revenue of $190.7 million, up 24% on FY20 and up $1.2 million on PFI forecast

  • Pro forma EBITDA of $29.0 million, up 78% on FY20 and $0.5 million on PFI forecast

  • NPAT of $2.4 million, which includes one-off transaction costs relating to the IPO of $14.1 million

  • 4.8 million meals delivered during FY21, up 22.6% on FY20

  • Active customers of 66,492 in the last quarter of FY21


Chairman, Tony Carter, also noted My Food Bag’s significant investment in innovation and technology, and commitment to operational efficiencies, in the lead up to the company’s IPO helped underpin the year’s strong growth.

Dividend and forecast


Mr Carter says the company has ended FY21 in a strong financial position with a balance sheet well positioned for growth opportunities, alongside continued strong cash flow generation. “It has been a busy start to the new year. Trading and operations during the first seven weeks of FY22 have been in-line with expectations. We’ve launched Bargain Box choice and an up-graded iOS app, as well as delivered strong margins through on-going improvements to our supply chain.”


My Food Bag also reaffirmed its FY22 forecast provided in its PFI, being revenue of $186.4 million, EBITDA of $34.2 million and NPAT of $20.1 million for FY22.


Outlined during its IPO process, My Food Bag said expects to declare and pay dividends twice yearly following interim and annual results. My Food Bag’s first dividend as a listed company is expected to be paid in December 2021.