No dividend from My Food Bag as cost-of-living crushes earnings

My Food Bag chair, Tony Carter, left, and CEO Mark Winter. (Image: My Food Bag)

Thu, 23 Nov 2023

The cost of living and “deteriorating economic environment” have eaten away at My Food Bag’s half-year finances, leading to the meal-kit company reporting one of its worst-ever results.My Food Bag (MFB) announced on Thursday that its half-year net profit after tax (NPAT) was $2.5 million, a 57.6% fall from $5.9m net profit in the same period in 2022.Earnings before interest, taxes, depreciation and amortisation (Ebitda) came to $7.4m, falling from $11.5m the year before – a 35.6% decrease.Revenue was down 11.2%...

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