Rapidly expanding food and logistics business My Foodie Box Limited (ASX: MBX) continues to achieve record month on month growth across key subscriber and revenue metrics, as it confirms its planned transition to a new facility, that will improve efficiencies and cost control while reducing operating costs, is on track and fully funded.
We continue to achieve records in Active Subscriber and Revenue results, which we strongly believe will continue,” CEO, Mai Hughes, said.
“Securing funding for our new facility means we can also introduce efficiencies and cost control measures which will bring down operating costs.
“Importantly, we are also launching a new website and app that we are confident will drive continued revenue growth opportunities.”
Highlights
- 31% growth in Active Subscribers in October (from 3,156 start of October to 4,136 at start of November), following transition to new sales strategy
- Net revenue record achieved last week (of +$160,000), with constant upward trend continuing (against four-week average in July of $112,000 per week). This equals an increase of almost $200,000 more revenue per month since July
- Planned transition to sales strategy has seen a ~$200,000 reduction in monthly marketing costs, with focus now on reaching break-even in first half 2023
- Commencement of large-scale consumer launch of My Foodie Box Thermomix® box yielding positive results, with sales/ revenue benefits expected to increase further
- New website (and associated App) to launch in early December, enhancing customer experience, adding significant functionality to assist operations and logistics, and introduce additional revenue and cost control opportunities
- Move into new facility will, significantly enhance efficiencies and quality control, while reducing operating costs
- New facility:
- Is +2,000 sq. m of warehouse space (1,000 sq. m current), configured to exact requirements
- Located within Perth Airport precinct, providing logistical efficiencies o Has 3,000m2 of hard stand and has 600m2 of canopy area
- New facility funding (primarily $324,000 bond) via Convertible Loans from Directors
- Company undertaking a capital raise via a Share Purchase Plan (SPP) to raise up to $1,000,000, with eligible shareholders able to acquire shares at $0.053 per share
