Me Today Limited reports $12.97m loss, reduces beekeeping

Me Today Limited has announced its audited Group results for the year ended June 30, 2023.

The Group recorded a net revenue of $7.88 million and a loss after tax of $12.97 million.

The operating EBITDA loss was $5.15 million after adding back non-recurring and non-cash items of $7.82 million.

Gross revenue for the Group before marketing costs was $9.20 million, with the King Honey business accounting for $5.82 million, Me Today branded sales at $2.78 million, and agency services revenue at $0.60 million.

The Group has decided to further reduce its beekeeping operation and will have approximately 1,600 hives operating out of Turangi.

The Group continues to reduce expenditure and create sales opportunities across its three core brands.

It has the support of its lenders, the Bank of New Zealand and the Jarvis Trust, and believes it has sufficient funding to meet operational requirements for the coming year.

The Group is considering funding alternatives to lower its term debt, such as selling assets or raising new capital.

The Group has made a further impairment by writing down the value of the intangible assets associated with the King Honey asset by an additional $2.36 million.

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