Key facts about Retail Food Group Limited's 1H24 results

Retail Food Group Limited (ASX: $RFG) has released its Consolidated Financial Report for the half-year ended 29 December 2023. The Group's network sales grew by 4.7% to $254.8 million, with a 1.8% increase in same store sales compared to the prior period. The company opened 70 new outlets during the first half, achieving domestic net outlet growth for the first time in several years. The acquisition of Beefy's Pies contributed EBITDA of $0.1 million in 19 days consolidated into the financial period. The Group also strengthened its Board with the addition of a new Non-Executive Director, Jacinta Caithness, and enhanced its management team with new Chief Marketing Officer, Tanya Watt, and new Chief Information Officer, Adam Bailey.

Executive commentary on 1H24 results

The Group continued to gain momentum as we transitioned from turnaround back into growth. We are pleased with the increase in network sales and the positive performance in the Café, Coffee, Bakery segment. The completion of the Beefy's acquisition has contributed to our overall performance, and we are excited about the growth opportunities it presents. The addition of new members to our Board and management team reflects our commitment to strengthening the company's leadership and expertise. We are optimistic about the future and look forward to further growth in the next 6 months.

Summary of 1H24 results and outlook

Retail Food Group Limited's 1H24 results demonstrate a successful transition from turnaround to growth, with a notable increase in network sales and the acquisition of Beefy's Pies contributing positively to the financial period. The company's focus on strengthening its leadership team and opening new outlets reflects its commitment to driving growth and innovation. With a positive outlook for the next 6 months, Retail Food Group aims to continue its momentum and capitalize on opportunities for further expansion and development.