Forbidden Foods saw net loss improve amid higher sales in the fiscal first half.
The company’s net loss narrowed to $899,687 as revenue increased 18.5 per cent to $1.7 million for the six months ended December 31.
During the period, Forbidden Foods completed the all-script deal to acquire Oat Milk Goodness (OMG).
The company said the acquisition generated further savings led by the streamlining of warehousing and logistics operations across the brand portfolio.
Moreover, Forbidden Foods secured ranging in 456 Woolworths outlets nationwide for its OMG Coffee ‘Proatein’ product.
For the second half, the company plans to increase its offering and will continue to promote brand awareness for its Blue Dinosaur range.
“Combined with the discontinuation of one-off costs associated with the transaction that will roll off in H2 FY2025, Forbidden Foods is well positioned for a material near-term improvement in operating cash flows and underlying net profits,” said Alex Aleksic, Forbidden Foods CEO.
In the first two months of the second half, the company witnessed sales surge 147 per cent to $577,857, which includes results from OMG.
“We look forward to providing further updates on our growing retail sales footprint as discussions with retail partners continue over the coming weeks,” said Aleksic.
