Rapid Nutrition Final results
November 2, 2019
Rapid Nutrition PLC
("Rapid Nutrition", the "Company" or the "Group")
Robust platform for Growth
Rapid Nutrition ((RAP:SW, OTCQB: RPNRF), a natural healthcare company focused on the research, development and production of a range of life science products, is pleased to announce its audited results for the year ended 30 June 2019.
Company revenue FY19 $3.1m with $1m operating profit compared to the previous year revenue of $4.1m with $1.9m operating profit respectively. Revenue adjustment in 2019 due to timing of new sales contracts, mainly GNC and Sigma Ltd commencing in the first quarter of new financial year. Gross profit improved compared 2018 where the Company incurred higher costs as a result of exploring various listing venues.
Significantly increased SystemLS™ distribution footprint across 500 GNC stores in North America and 100 Discount Drug Stores in Australia via recent Sigma Ltd distribution agreements.
Total revenue for FY19 $3.1m of which company branded products contributed $2.3m.
Highly successful launch of GNC products (Beyond Raw®, AMP Gold™, Climb™) into Australia into 100 Discount Drug stores nationally.
Operating profit of $1m was lower due to investments made in corporate listings, brand development and growth.
DTC customer base and reach, through the groups Top Ryde Health Food store channel in Sydney Australia delivering $827k for the first full year of operation.
- A very positive start to the new financial year with current trading being in line with management's expectations.
- SystemLS™ will benefit from a full-year contribution from ranging in GNC stores in FY2020
- GNC product sales in Australia expected to make a significant contribution to current FY with minimum-order quantities.
- Significant new retail and DTC channels added in US and Australia and distributors appointed in regions expected to contribute to future growth.
- Major new product launch with multiple SKUs intended to add value to product portfolio for DTC and retail channels.
- Supply chain being consolidated to ensure inventory management has the capability to support expected growth.
Simon St Ledger, Managing Director of Rapid Nutrition Plc said, "I am very pleased to report an excellent set of results despite retail head winds. Going forward, we will be focused on product innovation and launching our brands in new territories, the combination of which we believe will further accelerate growth during the upcoming fiscal year. We are excited about the opportunities that lie ahead, supported by a near term major launch in a new category, and a growing international retail footprint, the Group is well placed to generate further growth. The year has started very positively, and current trading is in line with management's expectations."
Notice of the Company's Annual General Meeting ("AGM") and the Form of Proxy. These documents are also available for download on the Company's website, http://www.rnplc.com/calendar-events
The Annual General Meeting of the Company to be held at 40-46 Nestor Drive, Meadowbrook, 4131 QLD, Australia on 4 December 2019 at 9 am (Greenwich Mean Time) / 7 pm (Australian Eastern Standard Time).
Simon St Ledger/Michael Zhu
+44 20 3239 2561
About Rapid Nutrition:
Rapid Nutrition (RAP:SW, OTCQB: RPNRF), a natural healthcare company focused on the research, development and production of a range of life science products. Rapid Nutrition has presence in US, Australasia, and Asia. www.rnplc.com
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause Rapid Nutrition PLC’s actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements. Rapid Nutrition PLC has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Rapid PLC undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
This media information does not constitute an offer to sell, or a solicitation of an offer to buy, any securities. This information does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. The media release is in accordance with International Reporting Standard: Rule 12g3-2(b) under the Securities Exchange Act ('Rule 12g3-2(b)') permits non-U.S. companies with securities listed primarily on a Qualified Foreign Exchange to make publicly available to U.S investors in English the same information that is made publicly available in their home countries as an alternative to SEC reporting Exchange Act Rule 12g3-2(b).