My Food Bag Group (MFB) AGM presentation 2024 summary

Board and governance

• Board comprises an independent chair and a mix of independent and non-executive directors.

FY24 financial performance

• Revenue reached $162.2m, down 7.7% year-on-year.

• Average order value was $129.54, a slight decrease of 0.4% YoY.

• Active customers totaled 56.8k, nearly flat compared to 57.5k in FY23.

• EBITDA was $16.0m with a 22.6% contribution margin; NPAT was $6.0m, down from $7.9m.

• Final FY24 dividend of 0.5cps was declared and paid in June 2024.

Operational highlights and initiatives

• Demand stabilized and Bargain Box deliveries increased by 19.5%.

• Implemented new pick technology, improving productivity and picking accuracy to 99% in H2 FY24.

• Consolidated Auckland distribution centers and reduced net debt by $3.5m.

• Maintained gross margin at 48.5% despite inflationary pressures.