Nuchev's H1 FY24 Performance Overview

Nuchev Limited (ASX: $NUC) has released its half-year results for the period ending 31 December 2023. The company reported a significant increase in revenue from branded sales of Oli6®, demonstrating strong performance in both Australian and China sales channels. Mick Myers, Interim Chief Executive Officer & Chief Financial Officer, highlighted the company's strategic distribution agreement with H&S Group, which has contributed to substantial sales growth in the China Cross-Border e-Commerce (CBEC) segment.

Executive Commentary on Performance

Nuchev's focus on providing functional foods for a better life through premium immunity and digestion products has driven the company's growth strategy. The leadership in premium digestion and immunity, backed by science and consumer-led innovation, has been instrumental in achieving a 78% increase in revenue from branded sales of Oli6® in the Australian and China markets. The successful launch of Oli6® Immunity+ in Q1 FY24 further contributed to the company's strong financial performance.

Summary of Financial Results and Outlook

Nuchev's financial results for H1 FY24 reflect a robust performance, with a 44% increase in revenue from branded sales of Oli6® compared to the previous corresponding period. The company's growth strategy, focused on expanding its purpose of providing functional foods for a better life, has driven product innovation, brand building, and supply chain excellence. Looking ahead, Nuchev aims to grow its China CBEC business, maintain momentum in the Australian retail sector, and explore new business development opportunities in domestic and overseas markets. The company's disciplined cash controls and inventory management have positioned it for continued growth and efficiency gains in the coming year.