Health and Plant Protein Group H1 FY24 Results

Health and Plant Protein Group Limited (ASX: $HPP) has reported a net loss after tax of $748,000 for the half-year ended 31 December 2023, compared to a net loss after tax of $4,792,000 for the prior comparable half-year ended 31 December 2022. The company divested its main business undertaking, the USA-based macadamia division, in April 2023 and is currently awaiting receipt of the balance of the sale proceeds held in the USA by an escrow agent, pending confirmation from the Internal Revenue Service (IRS) of US taxes payable.

Executive Commentary

The H1 FY24 results reflect the impact of the divestment of our USA-based macadamia division, which has led to a net loss after tax of $748,000. We are actively working to finalize the receipt of the sale proceeds currently held in the USA, but processing delays with the IRS have created uncertainty regarding the timing and quantum of the monies to be returned. The suspension of trading in HPP Shares since August 2023 and the associated corporate overheads have also contributed to the performance in this half-year. We remain committed to managing these challenges and are focused on our future strategic initiatives.

Summary of HPP's H1 FY24 Results

Health and Plant Protein Group Limited (ASX: $HPP) reported a net loss after tax of $748,000 for the half-year ended 31 December 2023, primarily attributed to the divestment of its USA-based macadamia division and the associated processing delays with the IRS. The company is actively pursuing the receipt of the sale proceeds and managing corporate overheads. Despite the challenges, HPP remains dedicated to its strategic initiatives and is focused on addressing the uncertainties to drive future performance.