Consumer Staples

My Food Bag to pay dividend on back of strong FY22 results

Fri 20 May 22, 3:15pm (AEST)
Food and Bev

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Key Points

  • My Food Bag posts post-tax net profit of NZ$20m (A$18m)
  • Company has witnessed a growth in ready-made meal orders; vegetarian dishes
  • Company to continue expanding recipe catalogue as uncertainty of current market overhangs forward outlook

New Zealand-based dual-lister My Food Bag (ASX:MFB) has published its audited FY22 results today highlighting EBITDA of NZ$34.2m (A$31m) and post-tax net profit of NZ$20m (A$18.16m). 

Further, My Food Bag will distribute a NZD4cps dividend to investors to be paid on 15 June, which brings total FY22 dividends to 7cps. 

My Food Bag ultimately provides the same service as the well-known home food delivery brand Hello Fresh. 

Across FY22, My Food Bag has expanded its product offerings beyond weeknight meals, introduced new recipe choices across its brand portfolio, and has established both a new South Island factory in NZ as well as launching a soft plastics recycling program targeting ESG performance. 

The company asserts this has rediverted some 13 tonnes of plastic from landfill.

(Source: My Food Bag) An infographic displaying the growth in ready-made meals; vegetarian orders
(Source: My Food Bag) An infographic displaying the growth in ready-made meals; vegetarian orders

No cooking for me: ready-made meal growth up nearly 40%

The company also notes no reported covid-19 transmission instances. Total revenue stands at over NZ$190m. 

Shifting consumption trends are reflected in the FY22 data; there was a 38% growth in ready-made meals compared to 2021, and across FY22, nearly three million plant based and vegetarian meals were sold across 61,700 active customers. 

The company does note, however, that supply chain challenges tied to Omicron outbreaks did see customer numbers drop off. 

The company achieved an average order value of NZ$126.60 over FY22, an increase of some $2.23; relatively minor compared to Australian and New Zealand inflation rates. 

Uncertainty remains the quo as world stays turbulent 

Company management says FY23 will be marked by uncertainty given ongoing volatility in "macro-environment pressures," but that straightforward growth opportunities remain accessible. 

The company continues to target a larger share of New ealand's NZ$37bn food sector which it expects to be underpinned by brand distribution and reach. 

Further new recipes will be added to the company's product offerings and revised financial guidance will be published in August this year.

My Food Bag's one-yearly chart versus the consumer staples index
My Food Bag's one-yearly chart versus the consumer staples index

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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