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 from $94.4 million in FY23 H1 to $83.8 million in FY24 H1.

Bargain Box delivery volumes increased by 12% year-on-year, and the number of active customers grew from 57,500 to 61,600.

EBITDA decreased from $11.5 million to $7.4 million, and net profit after tax (NPAT) decreased from $5.9 million to $2.5 million.

The company implemented pick technology for more recipe choice and flexibility and consolidated its Auckland assembly centers into one location.

The board has decided not to declare an interim dividend but intends to resume dividend payments with a final FY24 dividend, subject to financial performance.

My Food Bag focused on expanding its offerings and reducing costs during the first half of the year.