My Food Bag Group Limited Analysis

Overview

My Food Bag is an online food delivery business and New Zealand’s longest standing meal kit provider. Each week My Food Bag delivers thousands of bags full of nutritious, locally sourced ingredients along with easy-to-follow recipes direct to families across New Zealand. My Food Bag offers a broad range of meal kit bags in New Zealand under the My Food Bag, Bargain Box and Fresh Start brands and also has a range of ready-made meals with the MADE brand. Visit www.myfoodbag.co.nz.

Performance

The following information was extracted from My Food Bag Limited's market update, released on 1 April 2025:

FY25 Preliminary, Unaudited Revenue Result; Unchanged Earnings Guidance

My Food Bag has strengthened its sales performance in the second half of FY25 and is now pleased to have returned to growth following a period of stable performance in a tough trading environment. As previously signalled, My Food Bag expects to deliver a full year earnings result which is broadly in line with the prior year.

My Food Bag releases the following preliminary, unaudited revenue result for FY25:

• Revenue of $162.1 million, in line with FY24. Within this, H2 revenue of $79.9 million, which is up +5.0% when normalised for differing trading weeks1 with FY24 H2, and up +1.9% on a half on half comparative basis

My Food Bag CEO, Mark Winter says “Our unaudited results demonstrate the action taken to date to strengthen My Food Bag's proposition to customers and drive efficiency, are delivering improved business performance and a return to growth.

“Despite ongoing cost pressures, we have preserved our margin and remained committed to enhancing the customer experience, expanding our product range and strengthening our portfolio of brands.

“Strategic initiatives have resonated well with customers, including the launch of My Food Bag’s Shop which offers one-off meal solutions, care packages and gifting without the need for a subscription.

“Our partnership with Diabetes New Zealand which we launched last week, reinforces our focus on helping Aotearoa New Zealand eat and live well by offering a diabetes plan to empower Kiwis at risk of or living with type 2 diabetes, helping them make healthier, more informed meal choices.

“We continue to seek out sponsorship opportunities which align with our brand and values, and we are excited to now be the Official Meal Kit of Auckland FC as they continue their charge towards the playoffs. “We are pleased with this preliminary result, which confirms our return to growth following a strong H2 and we look forward to providing our investors with more detailed information regarding our financial performance next month, including our audited financial statements and annual report.” says Winter.