Despite a 33 per cent decline in revenue on the prior corresponding period due to COVID-19, goat infant formula company Nuchev reported a 118 per cent revenue jump on the preceding quarter in 2Q FY21.
In its half year report, Nuchev said it had experienced strong market growth in its cross-border ecommerce (CBEC) channel and with its Oli6 brand in Australian retain.
The company completed a capital raise in Q1 FY21 which would allow further investment in the goat infant formula category.
It expected strong revenue and volume growth in H2 FY21 in the CBEC channel but said COVID-19 uncertainty in the export channel could offset that.
Oli6 recorded 16 per cent volume growth in the first half pcp in Coles and achieved highest monthly market share on record in 1Q. Gains were also measured in the pharmacy channel.
The company also announced internal executive changes. Ben Dingle is CEO, Chantelle Pritchard has taken on COO, which will encompass her existing roles of CFO and company secretary as well as supply chain, finance, and people.
It has appointed a CMO, Lisa Saunders, who has held senior marketing and brand leadership positions in the FMCG sector including Asahi Beverages, Treasury Wine Estates
Dingle said it was pleasing to see recovery after the challenges and restrictions of COVID-19, but there was ongoing uncertainty in the export channel.
"Understandably, a degree of uncertainty in the market remains. However, with such a strong flagship brand in Oli6, an agile business model, and a team structure in place that frees more of my time to chase growth opportunities, I am confident we have the necessary ingredients to continue to drive performance in FY21 and beyond."
Its strong cash position and capital light business model held it in good stead for growth and market diversification.