Rapidly expanding food and logistics business My Foodie Box (ASX: MBX) is making good progress towards commencing operations on the eastern seaboard in the second half of CY2022 and expansion of its Western Australia operations.
Western Australia – Operations updates
The company’s WA Operations enjoyed another record month in August with three of five weeks being record weeks in terms of sales.
MBX has reached more than 3,200 active subscribers this week, which is a 98% increase since the Company listed in January 2022. The growth trajectory is accelerating and MBX is well on track to exceed the target of 4,000 active subscribers by the end of CY2022.
The company has executed a proposal to lease a new warehouse located in the Perth Airport precinct. MBX is looking to relocate to the new premises by the end of CY2022. The new site has double the capacity of the current premises and will allow MBX to grow significantly whilst improving its efficiency through better equipment, better space optimisation and new technology.
MBX has experienced some delays regarding the development of its next e-commerce platform, which were predominantly due to the extreme skilled labour shortage in Western Australia.
MBX has now secured an extra two offshore front-end developers since August and the company is expecting to have the new platform live by December 2022 together with the launch of the app.
Thermomix Box – nearing launch
Under the previously announced partnership with The Mix Australia (TMA), holder of the distribution rights for Thermomix in Australia, MBX has been developing a Thermomix Box, which will initially be marketed to Thermomix Perth metro customers.
MBX can confirm that the development of the Thermomix Box is in its final testing stage and should be available for consumers to purchase in September/October 2022. There are over 100,000 Thermomix customers in Western Australia and 500,000 Thermomix customers in Australia.
Thermomix and MBX have been working very closely and constructively since January 2022 to create a unique product that will combine the convenience and quality of My Foodie Box meal kits whilst using the Thermomix all-in-one technology.
NSW expansion plans – on track for launch in December 2022
The company has identified an experienced third-party contractor in NSW who will be able to oversee the picking-packing and logistics aspects of the business.
Negotiations are currently in progress. The tight industrial property market in Sydney has led MBX to rethink how it manages its entry into this market. MBX believes that commencing operations using a third party contractor will allow the company to build up a database of customers in NSW without any capital expenditure.
MBX expects to then transition operations to its own facility in Sydney once it reaches a critical mass of customers in NSW.