Me Today (MEE) H2 2024 earnings summary

Executive summary

• Revenue for the year ended 30 June 2024 was $5.03m, with a net loss after tax of $11.28m and an operating EBITDA loss of $4.48m after adjusting for $6.8m in non-recurring and non-cash items.

• The group completed a major restructure and recapitalisation in March 2024, raising $3.1m in new capital and ring-fencing the Me Today business from King Honey, which is intended to be sold.

• The beekeeping operations were closed due to challenging trading conditions and excess manuka honey inventory.

Financial highlights

• Gross revenue before marketing service costs was $6.13m, split as: King Honey $2.05m, Me Today branded sales $3.43m, agency services $0.65m.

• Revenue declined from $7.88m in FY23 to $5.03m in FY24, mainly due to a 57% drop in King Honey revenue.

• Net assets at 30 June 2024 were $3.6m, down from $11.9m in 2023.

• Cash and cash equivalents increased to $2.8m from $0.9m year-over-year.

• Basic and diluted loss per share was $(0.411), improved from $(0.851) in FY23.

Outlook and guidance

• The group aims to further reduce operating EBITDA loss in FY25 while continuing targeted brand investment.

• The sale of King Honey remains a priority, with ongoing discussions with interested parties.

• Expansion plans include new product launches in New Zealand pharmacies and growth in Greater China, Southeast Asia, USA, and Australia.