Listed Australian food company Forbidden Foods has reported a 30.4-per-cent boost in sales during the last quarter to $1.19 million citing strong export growth.
During the period, the company completed the acquisition of Blue Dinosaur, a plant-based snack bar company, for around $400,000 and raised $5.5 million in a share placement.
The company also expanded its Chinese market presence, entering into an exclusive distribution agreement with Orange Group to distribute Funch products to more than 10,000 stores in northern and central China for an initial two-year term.
Co-founder and CEO Marcus Brown said bringing the “thriving Blue Dinosaur business” into the company’s fold provided the opportunity for Forbidden Foods to speed up its international growth, using its existing e-commerce capability and Asian partnerships to enhance distribution.
More new product innovations will follow this year, he said.
“In the background we have been finalising the development of a unique market-first, health orientated plant-based meat range which we look forward to sharing with our customers in Q2.
“As Australians and consumers globally increasingly choose to eat less meat, we are energised by the opportunity to establish ourselves as one of the key next-generation plant-based and healthy meat alternative brands in the international market.”
