Gourmet foods group Maggie Beer Holdings says “marketplace challenges” and “shifting consumer habits” drove the business to reframe its strategy in FY23.
For the year ended June 30, net sales reached $88.7 million, down 1.4 per cent with reported tax-paid profits of $460,000 and EBITDA from continuing operations of $3.2 million.
By brand, Maggie Beer Products registered 1.9 per cent growth from category expansion, while Hampers & Gifts Australia was down 7.5 per cent and Paris Creek Farms up 10.5 per cent primarily due to increased milk volumes.
CEO of Maggie Beer Holdings, Kinda Grange, said the results reflect the rising interest rates and inflation impacting spending, shifting consumer habits in online shopping along with higher freight and labour costs.
“Within that environment, we remained focused on operational discipline while continuing to invest in key areas of our business to strengthen and expand our brands to generate further revenue opportunities. This is reflected in retail channel revenue growth and online channel share growth.”
For the upcoming financial year, the business says it will focus on leveraging its strengths to meet changing customer needs as market conditions remain uncertain and support the execution of its 5-year strategy.
“The Maggie Beer brand will enter new categories in retail and online and see a refreshed approach to marketing.
“In e-commerce, we will leverage our platform and customer base with new partnerships and categories and at Paris Creek Farms, we are focused on implementing the cheese capital expenditure upgrade,” said Grange.
