Gourmet food producer Maggie Beer said FY24 net loss from continuing operations after tax worsened, registering a $28.2 million deficit, compared to a $400,000 profit in the previous year.
The company's revenue from ordinary activities rose slightly by 0.8% to $89.4 million.
"Maggie Beer Products experienced a 6.3% increase in net sales due to category expansion in retail and positive momentum in online sales," said Susan Thomas, non-executive chair of Maggie Beer.
Hamper and Gifts Australia increased 0.7%, driven by a successful Christmas trading period. The Paris Creek Farms experienced a 9.5% decline in net sales, primarily due to lower milk supply.
"The Christmas season was particularly strong for us, enhancing corporate sales and improving customer repeat rates," said Sue Thomas, CEO of Maggie Beer.
Gross margin decreased by 1.1% to 49.2%, impacted notably by a mix shift to lower-margin categories and channels, alongside increased inventory write-offs and weak consumer sentiment affecting online sales recovery.
As of June 30, the company had no debt and a net cash position of $4.7 million.
Net tangible assets per ordinary security decreased from 10.84 cents to 7.95 cents over the reporting period, reflecting a $28 million reduction in net assets.
Maggie Beer has not recommended or declared any dividends for the current financial period.
Looking ahead, Maggie Beer Chair Sue Thomas stated, "Maggie Beer Holdings has an absolute focus on returning the business to profitability, and capitalising on our two great assets: An iconic Australian brand and a leading online gifting business."
She emphasised plans to lift customer engagement and optimise operations to return to profitability in FY25.