Charlie's turns to profit and eyes growth in Australia
Charlie's Group Ltd, the juice company fronted by celebrity Marc Ellis, has turned to profit and has reduced debt.Charlie's today reported earnings before interest, tax, depreciation and amortisation (Ebitda) of $3.4 million in the year to June 30 compare
Charlie's Group Ltd, the juice company fronted by celebrity Marc Ellis, has turned to profit and has reduced debt.
Charlie's today reported earnings before interest, tax, depreciation and amortisation (Ebitda) of $3.4 million in the year to June 30 compared to a $900,000 loss in the same period last year.
The Australian subsidiary contributed $1.8m, or more than 50 percent of the Ebitda.
"This trading result proves that we are no longer a New Zealand company with local brands but truly Australasian," said chief executive Stefan Lepionka.
"We are focused on continuing to develop the Australian business," he said.
The company is not paying a dividend, saying it wants to continue to focus on growth opportunities.
It had record gross sales of $34.3m in the year to June 30.
Group net profit after tax was $2.5m of which core trading was $1.3m. This is a turnaround from the $1.8m loss in the previous year.
Proceeds from the sale of the company's property in Henderson in Auckland, together with positive operating cash flows, enabled the group to reduce net debt to $1.6m from $7.1m.
The company will update investors on this year's performance at the annual meeting on November 22.
"Sales in the New Zealand market remain uncertain as the economy has been slow to recover. Growth in Australian sales remains strong and we will invest further in resources on the ground to take advantage of this momentum," Mr Lepionka said.
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