The Sustainable Nutrition Group is in an extended period of voluntary suspension following loss of a strategic customer supply agreement in May and resignation of its CEO Neale Joseph soon after.
Karun Moses stepped into the role of COO, he joined SNG about 16 months ago. Moses has 25 years’ experience in operations and supply chain logistics and the SNG board says he brings expertise in leading business transformation to the table.
The group produces, manufactures, and distributes sustainable and plant-based brands including Mt. Elephant, The Australian Super Food Co (acquired in January), Australian Primary Hemp, and pet brand Field Day.
SNG is the largest hemp supplier in Australia, with ingredient sales accounting for 45 per cent of revenue in 1HFY22.
A partnership with plant-based powder processing business Australian Plant Proteins is expected to deliver first commercial sales in early FY23 and open up export market opportunities.
In 1HFY22, revenue was up 103.6 per cent on 1HFY21 to $1.6 million, but its EBITDA almost tripled to -$2.8 million.
SNG reported 12 per cent revenue growth for Mt. Elephant in the first half, saying Covid related supply chain disruptions dampened revenue by 20 per cent.
The brand secured a new distribution agreement with Woolworths in March for its baking products, but lost distribution with the retailer for its mylk products.
