Wellnex Life shares received a boost after the Australian brand and distribution company of customer-focused health and wellness products updated the market on group revenue for the months of July and August, which revealed record revenue growth of 49% compared to the prior corresponding period.
The business is on track to better its FY21 result of $18.3 million, with budgeted FY22 revenue to exceed $21 million. This is as a result of strong sales growth from the company’s existing product lines, as well as the launch of significant new brands and product range in FY22.
Wellnex also reported that its revenue growth will be further accelerated with the launch of the Wagner Liquigesic brand in October 2021, with initial purchase orders received of circa $1 million.
In addition, the launch and ranging of Wakey Wakey and The Iron Company Brand in major pharmaceutical and grocery retailers including Coles, Chemist Warehouse and Terry White will also provide a boost.
Wellnex is also finalising plans for the roll out of the Mark Wahlberg and Tom Dowd Performance Inspired brand.
George Karafotias, CEO of Wellnex Life, said: “The board and management are delighted to be able to report back to shareholders so quickly after the acquisition of Brand Solutions Australia, that our strategy, business model and brand portfolio are producing solid growth in revenue for the business. The result demonstrates the resilience of Wellnex’s business model, making us very confident of growing our revenue further as NSW and VIC begin to open their economies later this year. This will coincide with the launch of our exciting new brands beginning to arrive on Australian retail shelves”.