Me Today Limited has provided an update on its trading activities.
The company's King Honey business operates the BEE+ Brand in the China Market, with King Honey owning 15% of the brand and the customer owning 85%.
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 in discussions with lenders to address the impact on cashflow.
The group will continue to review its cost base and is considering the sale of assets or raising new capital.
On the other hand, Me Today's own branded products, including supplements, skincare, and Manuka Honey, are meeting internal forecasts for the first quarter of FY24.
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