Forbidden Foods (ASX: $FFF) reports $1,084,851 loss in 1H FY2024

Forbidden Foods Limited (ASX: $FFF) has reported a loss of $1,084,851 for the half-year ended 31 December 2023, a significant improvement from the $2,212,154 loss in the same period in 2022. The company's net tangible assets stood at $255,758 as of 31 December 2023. Forbidden Foods did not pay, recommend, or declare any dividends during the current or previous financial period.

Executive Commentary on 1H FY2024 Performance

During the half-year ended 31 December 2023, Forbidden Foods focused on executing its turnaround strategy, which was supported by a successful $1.03 million capital raise. This capital raise garnered strong support from a network of sophisticated and institutional investors, providing the company with the balance sheet strength to execute its growth strategies. Additionally, the company entered into a strategic distributorship agreement with Raw Distribution Trading LLC, a multinational distribution company with an established footprint across the United Arab Emirates and the broader MENA region. The quarter's operations were highlighted by record monthly ecommerce sales in November, following a renewed focus on ecommerce growth initiated by the incoming management team. Furthermore, strategic marketing initiatives were undertaken to expand awareness for the Blue Dinosaur brand, including a major sponsorship agreement with the Noosa Triathlon and the successful launch of Blue Dinosaur Protein Water, targeting the lucrative global market for low-sugar hydration products.

Summary of 1H FY2024 Results and Outlook

Forbidden Foods' 1H FY2024 results reflect a focused effort on executing its turnaround strategy, supported by a successful capital raise and strategic marketing initiatives. The company's net tangible assets stood at $255,758 as of 31 December 2023. The appointment of Mr. Albert Cheok as Non-Executive Chairman and Mr. Nathan Quailey as Non-Executive Director, effective from 1 January 2024, signifies a strategic move to strengthen the company's leadership. The company's ability to continue as a going concern is supported by its regular monitoring of cash position, the capacity to raise capital and funding from investors, and the expected favorable performance for the twelve months following the reporting period. Forbidden Foods remains focused on its principal activities of operating a premium food company focusing on the health and wellness markets, with diverse national and international sales channels. The company's successful strategic initiatives and the ongoing execution of its turnaround strategy position it for potential growth and improved financial performance in the future.