My Food Bag chief executive Mark Winter said they were pleased with the preliminary result which confirmed a return to growth in the second half. Photo: Supplied
Meal delivery service My Food Bag has returned to growth with stronger second half sales.
The company's second half sales rose 5 percent to $79.9 million on a like-for-like 26-week-basis, though full year revenue for the 12 months ended March was little changed from the year earlier at $162.1m.
My Food Bag chief executive Mark Winter said the company was able to preserve its gross margin despite ongoing cost pressures, with full year profit expected to be in line with last year's.
"Our unaudited results demonstrate the action taken to date to strengthen My Food Bag's proposition to customers and drive efficiency, are delivering improved business performance and a return to growth," he said.
"Strategic initiatives have resonated well with customers, including the launch of My Food Bag's Shop which offers one-off meal solutions, care packages and gifting without the need for a subscription."
He said the company was working with groups that aligned with its values, referring to a recent launch of a partnership with Diabetes New Zealand.
"We are pleased with this preliminary result, which confirms our return to growth following a strong H2 and we look forward to providing our investors with more detailed information regarding our financial performance next month, including our audited financial statements and annual report."
The full year result was expected to be released in May.
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