Alert: My Food Bag (MFB.NZX)
Lower profits, warning for the full year but interim dividend amount retained ...
Note
All figures are in NZ$ unless otherwise stated.
Trading History
HY23 Results Announcement
Today before the NZX opened My Food Bag (MFB) announced its half year results to 30th September, 2022.
When the market traded it opened at 51.0 cents (the high for the day), dropped to a new low of 48.5 cents and closed at 49.0 cents.
It traded a quite unusually high 1.26m ordinary shares on the NZX today. On the ASX it traded almost zero volume (26 shares) closing with a big spread between bid and offer of AU$ 0.45-0.85.
The total loss based on the IPO price of NZ$ 1.85 is now around 1/3rd of a billion at today’s low of 48.5 cents on the NZX.
Those who were wondering why the share price has been falling since the company's listing now have some answers.
Revenue, EBITDA and net profit were all lower than the prior comparable period (pcp).
The gross margin, however was a little higher.
The number of deliveries to customers declined and the company has been discounting to retain and attract customers.
The company signalled that full year profit for FY23 would likely be lower.
MFB’s only real positive statement was that it is installing an ‘assembly pick technology’ which it believes will improve the quality of food picking, lower costs and increase efficiency.
The interim dividend which is fully imputed has been held at 3.0 NZ cents per share which is the same as the pcp. The company warned that the final dividend for FY23 will likely be lower than the pcp.