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Beston Global Food Company posts first half loss

Beston Global Food Company has posted a statutory net loss after tax of $1.1 million for the six months to Dec. 31, including the costs of the capital raising associated with its IPO.

The company said in a statement, in its first period as a public entity, it recorded half-yearly revenue of $7.6 million and an underlying net profit after tax of $1.7 million.

BFC Chairman, Dr Roger Sexton, said that the Company was pleased with the results it had achieved in a short space of time.

“We are a company in growth mode” he said. “We are investing for growth, and we are acquiring for growth on our journey to become a global food company”.

“BFC is well on its way to becoming one of the few food companies in the world which has its own closed loop supply chain and is able to provide consumers in burgeoning global markets with an authentic, genuine, healthy, verifiably safe, food experience with products sourced substantially from our own raw materials, manufactured substantially in our own factories and sold through our own people on the ground in the markets we aim to serve.”

BFC Chief Executive Officer, Sean Ebert, noted that the Company was in a strong position with high quality assets on its balance sheet, no debt and cash reserves at 31 December of $34.45million.

He said that the focus of BFC in the second half is to continue to make revenue and margin gains in its existing operational businesses while expanding the Company’s revenue base with a number of initiatives which capitalised on the core competencies and capabilities of the Company.

“This included new products and new alliances and distribution arrangements, as well as the generation of new revenue streams based around the BFC patented OZIRIS food safety technology,” Ebert said.

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