ASX-listed Australian beauty and wellness business BWX Group has boosted revenue by 26.5 per cent, buoyed by the acquisition of the Flora & Fauna business, and Go-To Skincare last year, along with increased sales in the US.
The company says revenue reached $103.4 million and EBITDA rose by 26.2 per cent, however it recorded a net post-tax loss of $2.3 million.
“During the first half of FY22, the group delivered strong underlying growth despite a heavily impacted first quarter which saw around 7 per cent of our total distribution points forced to close in line with government responses to Covid outbreaks across key regions,” said outgoing BWX Group CEO and MD, Dave Fenlon.
“The second quarter reflected stronger sales momentum which is continuing to accelerate and – coupled with a strong performance in our USA segment – demonstrates a broader retail-led recovery as consumers return to socialising and in-store shopping.”
Sales in the US market rose by 12 per cent, thanks to the growth of its Mineral Fusion brand (up by 33.3 per cent) and Andalou Naturals (up by 5.5 per cent).
“BWX’s unique global scale and diverse brand portfolio continued to connect with more consumers and retail partners as we deliver omnichannel distribution gains,” said Fenlon. “Our direct-to-consumer offering now accounts for 41 per cent of group revenues, with the acquisition of Flora & Fauna and controlling interest in Go-To Skincare diversifying our growth opportunities in Australia and offshore.”
In January, the first month of the company’s third-quarter, BWX says its growth momentum was sustained.
“While the environment remains uncertain, our strategic priorities are simple and we will continue to execute through the unlocking of acquisition-led and organic brand growth and increasing our points of distribution,” said incoming BWX Group CEO and MD Rory Gration.