Bubs Australia's turbulent and challenging FY23, has been confirmed in its results, recording a $107.4 million statutory net loss before tax and 32.7 per cent drop in total revenue to $60.1 million. Newly appointed CEO Reg Weine said, “We are well progressed to get Bubs back to growth and being cash flow positive.”
Snapshot
- Group revenue: down 32.7% on prior corresponding period (pcp) to $60.1m
- Group revenue for Infant Milk Formula (IMF): down 9.2% to $48.6m
- Group revenue for branded products: $57.7m, down 25% pcp
- EBIDTA: -$34.4m, down $33.4m from FY22 loss of $1m
- Statutory after tax loss: -$108.4m
The company acknowledged how challenged FY23 had been, reporting a statutory net loss before tax of $107.5 million.
Revenue was $60.1 million, a 32.7 per cent drop on the pcp, while underlying EBITDA loss was $34.4 million, compared to a loss of $1 million in FY22.
Revenue was bolstered by strong growth in the US but offset by poor performance in China.
Performance by region
- US: revenue $23.9m, up 196% pcp, 40% of total revenue (FY22: 9%)
- AU: revenue $17.4m, up 20% pcp, 29% total revenue (FY22: 16%)
- China: revenue $13.6m, down 73% pcp, 23% total revenue (FY22: 55%)
- Rest of World: revenue $5.3m, down 70% pcp, 9% total revenue
“We are well progressed to arrest the decline in shareholder value and get Bubs back to growth and being cash flow positive. Maximising our opportunity in the US market and resetting China are two significant components of our plan, and the board is confident that we now have the right governance structure, leadership team and strategic partners to deliver this growth. We have made significant inroads already and are starting to see results,” Weine said.
