Rapidly expanding food and logistics business My Foodie Box Limited (ASX: MBX) has achieved a key growth milestone this week with the company reaching 2,000 Active Subscribers.
MBX is an eco-friendly, rapidly expanding food and logistics business currently focused on the provision of premium meal kits to West Australian households using local ingredients sourced from ethically responsible local farmers and producers.
MBX has achieved 21.2% growth in Active Subscribers since listing on the ASX on 7th January 2022, following the completion of a $6 million oversubscribed IPO.
Executive director and CEO, Mai Hughes, said the growth in Active Subscribers translates into record revenue this week of over $125,000. MBX reported annual audited revenue of $245k (FY2019), $1.34m (FY2020), $3.55m (FY2021) and, as at December 31, 2021, the company reported $2.48m in revenue for the six month period (HY 2022).
Revenue growth for the HY 2022 was a 57% increase to the HY 2021, with the continuing increase directly attributed to an increasing Active Subscriber base.
Unaudited annualised income, based on this week’s record turnover extrapolated over 52 weeks, is currently tracking at over $6.5m per annum.
We are extremely proud of our team in achieving this major milestone,” Mr Hughes said.
“The company commenced trading three years ago with 35 Active Subscribers and we have worked tirelessly to build the brand whilst delivering quality meals to West Australian customers.
“At the time the company listed in January 2022, the company had achieved an Active Subscriber base of 1,650. With capital raised from the IPO, management’s marketing and brand development plans are being successfully rolled out.
“The company is cognisant of the funds that have been invested by shareholders and is actively seeking maximum return for each investment dollar that is placed in marketing and brand development.
“Our team is focused on reaching a minimum of 4,000 Active Subscribers this calendar year. MBX focus continues to be the expansion of our subscriber base in West Australia with plans to target the larger and lucrative East Coast market in second half of CY 2022.
“We are working on some exciting strategic initiatives and look forward to updating our investors as they progress.”