Maggie Beer Holdings has rebounded through the pandemic, delivering a $1.9 million net profit for FY21 after last year’s $14.8 million loss.
Net sales also jumped 18.8 per cent throughout the year to $52.9 million, with earnings before interest, tax, depreciation and amortisation spiking 177 per cent to $3.1 million.
The profitable outcome was due to the business’ diversified model, tight cost control, and a focus on continuous improvement and innovation, according to chief executive Chantale Millard.
“FY21 saw all of the MBH businesses perform well, with strong growth across the group,” said Millard.
“With the successful integration of Hampers & Gifts Australia complete, we now have a large premium e-commerce business that can be quickly scaled at the same time we grow our retail grocery business.”
Hampers & Gifts Australia has continued growing since the acquisition, with sales up 62 per cent in July 2021 compared to the year prior, and this growth is expected to accelerate through the Christmas season.
Maggie Beer Products saw net sales grow 23 per cent during the year to $25.6 million, largely off the back of new product launches, growth in its core retail grocery range and a focus on growing it’s online business.
The Paris Creek Farms division’s strategic review is ongoing, and it delivered a trading EBITDA $600,000 higher than FY20, bringing the total loss to $300,000.
St David Dairy’s saw net sales grow 10 per cent despite the impact of Covid-19 shutting, though earnings fell slightly to $900,000 from $1.1 million a year prior.
Looking forward, the group expects the year ahead to bring it to its goal of $100 million in revenue, with a number of ambitious growth plans in place for FY22, such as: a larger focus on e-commerce through Hampers & Gifts Australia; new product development and launches; and investment in brand awareness, in an effort to build loyalty and improve conversion rates.
“We are looking forward to FY22, with exciting growth prospects for Maggie Beer Holdings’ combined e-commerce and retail grocery businesses,” Millard said.