SECOS Group's quarterly performance update

SECOS Group (ASX: SES) has announced its financial and operational results for the quarter ending September 2024. The company reported a 17.2% increase in total sales compared to the same period last year, reaching A$3.7 million. Despite a 7.4% decrease from the previous quarter, driven by seasonal factors, the company achieved record growth in its MyEco branded global sales.

SECOS Group's strategic progress and future outlook

SECOS Group has demonstrated its commitment to sustainability through significant sales growth and market expansion. The launch of reusable compostable carry-bags in Ritchies and Woolworths stores highlights the company's strong market penetration. SECOS is also actively contributing to the Solving Plastic Waste CRC program, aiming to develop new sustainable packaging solutions. Financially, the company reported a net operating cash outflow of A$0.7 million and closed the quarter with A$5.2 million in cash reserves. Looking ahead, SECOS aims to continue its growth trajectory in MyEco branded sales and council contracts, while awaiting key policy decisions from the Victorian Government. The company's focus remains on expanding its sustainable product lines and capturing new market opportunities.

Executive insights from SECOS Group

The company is pleased with the record growth of MyEco branded global sales. Our expansion into major retail stores and new markets for sustainable products reflects strong market penetration. We continue to focus on expanding our sustainable product lines and maintaining our leadership in the compostable packaging industry.