My Food Bag reports revenue drop, customer growth

Meal kit and food solutions company, My Food Bag, has released its financial results for the first half of FY24.

The company reported a decrease in revenue compared to the same period last year, as well as a decline in EBITDA and net profit after tax.

However, there was an increase in active customers and Bargain Box delivery volumes.

My Food Bag implemented pick technology to offer more recipe choices and consolidated its Auckland assembly centers into one location.

The company remains focused on reducing costs, debt reduction, and growing its offering to customers.

The board has decided not to declare an interim dividend but intends to resume dividend payments subject to financial performance.

My Food Bag also expanded its non-meal kit offerings and invested in a brand reset and marketing campaign.

The company aims to drive active customer growth and innovate its offerings beyond meal kit subscriptions.