My Food Bag shares tumble as half-year profit falls

My Food Bag’s newly appointed CEO, Mark Winter, says discounts are attracting new customers. (Image: My Food Bag)

Fri, 18 Nov 2022

My Food Bag’s net profit for the six months ended Sept 30 fell 37% and revenue dropped 4% in its weakest half-year result since 2020.Shares in the company fell more than 16% to a new low of 48.5 cents per share as the New Zealand share market (NZX) opened this morning.The meal-kit company had reported net profit of $5.9 million in the first half of its financial year, down from $9.4 million the year before. Underlying earnings fell to $11.5m from $15.8m, and revenue was down $4m at $94.4 million.Chair Tony Carter said My Food Bag made 732...

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