Nutritional Growth Solutions (ASX: NGS) a global provider of nutritional paediatric products for children, has delivered a solid quarter despite stock shortages driven by continued demand for Healthy Heights® in the US and China markets.
During the quarter, NGS saw significant developments to provide a strong footing for future growth in US and Asia Pacific markets. Highlights included overall revenue up by 10% compared with the December 2021 quarter, quarterly cash receipts from customers of US$609K, down 12% on pcp, and the appointment of industry veteran David Fenlon as Non-executive Chairman.
Commenting on the Company’s progress during the quarter, Nutritional Growth Solutions CEO Liron Fendell said: “This quarter has been focused on finalising the manufacturing of our Healthy Heights® products in New Zealand. I am pleased to report that the product is now being delivered to our distributors in the Asia Pacific with sales to commence during Q2”
“Growing a brand into a global household name is no easy feat. The last stages of our rebrand are falling into place, and we have doubled our SKU offering over the last few months. Under new leadership of industry veteran David Fenlon, we have never been in a better position to continue the execution of our three-pillar growth strategy of new territories, products and sales channels, and reach our goal of ensuring children around the world have access to healthy products that support their growth development”.