Youfoodz Holdings Ltd (ASX: YFZ) has delivered its inaugural earnings report this morning. The food delivery company has given investors a first post-float look at its numbers for the first half of the 2021 financial year (1H21).
After surging 2.62% to a high of 98 cents per share in early trade, the Youfoodz share price has retreated to 96 cents at the time of writing, up 0.52%.
What did Youfoodz report this morning?
Youfoodz had delivered a gross revenue metric of $100 million (on the dot) for 1H21. That’s a 16.5% increase on the company’s revenue of $85.8 million for the same period last year (1H20). Meanwhile, net revenues were also up 15.3% from $63.6 million in 1H20 to $73.4 million in 1H21.
That helped push gross profits up 20.1% to $23.4 million, up from $19.4 million in 1H20.
Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $0.5 million versus $1.7 million in 1H20 and a $4.4 million loss in 2H20.
Net profits after tax were $2.5 million for the period, which contrasts nicely with the loss of $1.9 million that the company posted in 1H20. No dividends will be paid for the period.
Meanwhile, Youfoodz reported some pleasing numbers in terms of customer growth. The number of orders the company received during the period was 644,265, a 34.5% rise over the prior corresponding period. New customers were up 89.6% to 87,895, while active customers increased by 47.8% to 197,563.
The company also announced that next day deliveries are now available in Queensland, New South Wales and Victoria. 70% of the company’s customers can now order next day delivery.
Youfoodz says that it “remains confident” it will achieve the growth targets set out in its initial public offering (IPO) prospectus, which include gross revenue of $199.8 million, net revenue of $149.9 million and EBITDA of $2.9 million for the 2021 financial year.
About the Youfoodz share price
Youfoods only hit the ASX boards on its IPO back on 8 December last year. It was a disappointing debut at the time, with the Youfoodz share price crashing 25% lower from its IPO price of $1.50 a share to $1.12. The company has not touched $1.50 since but did go as high as $1.32 last month.
However, on the current share price, Youfoodz is more than 15% off those highs. As recently as last Friday, the company was touching a new all-time low of 87 cents a share.
On the current Youfoodz share price, the company has a market capitalisation of $131.75 million.
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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