Me Today Limited has provided an update on its trading, specifically regarding its King Honey business and its customer in the China market.
The customer has informed the company that sales for the rest of the FY24 financial year are expected to be lower than anticipated.
As a result, the group expects sales to that customer to be lower in FY24 compared to FY23.
The company is currently discussing the impact of these lower sales on cashflow with its lenders, the Bank of New Zealand and the Jarvis Trust.
The group is also reviewing its cost base and considering the sale of assets or raising new capital.
On a positive note, the company's Me Today branded Supplement, Skincare, and Manuka Honey sales are on track to meet internal forecasts for the first quarter of FY24.
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