Rapid Nutrition PLC: Half Year Results - Well Ahead of Expectations
EQS Group-News: Rapid Nutrition PLC
/ Key word(s): Half Year Results
30th March, 2020
Rapid Nutrition Plc
("Rapid", the "Company" or the "Group")
Half Year Results - Well Ahead of Expectations
Rapid Nutrition (RAP:SW, RPNRF:OTC), a natural healthcare company focused on the research and development, manufacture and distribution of weight-loss and diet management products, sports nutrition products, vitamins and dietary supplements, and a range of life science products, is pleased to announce its H1 results.
In unprecedented times, health is of the utmost importance and the Group is well positioned to leverage changing purchase patterns as a result of concerted efforts to expand its online presence. Health-related products have never been in higher demand and the Board firmly believes a significant behavioural shift is imminent as consumers become even more health-conscious.
The first half of the new financial year 2020 has begun strongly and trading is in line with the Company's expectations. In particular, the Group has delivered strong operational performance as recently announced on 14th January, with H1 revenues of $1.78m (H1 FY2019: $0.78m) in the period under review, and continues to progress its strategy of bringing to market new products, across multiple categories, which it believes will anchor future earnings.
Recent Operational Developments
- The Group's key partnerships and distribution agreements in numerous countries, notably the United States and Australia, which are continuing to develop this year
- The successful rollout of SystemLS across 500 GNC corporate stores and online (gnc.com)
- Sigma's rollout of the Group's product portfolio across 100 pharmacy stores
- The Group's rollout of its product portfolio through leading health food chain Mr Vitamins
- The successful completion of a non-brokered placement of EUR 240,000 led by Swiss Asset Manager, reaffirming the positive sentiment building in the institutional investor community, as well as the Group's ongoing commitment to building long-term shareholder value
- Last quarter's Annual General Meeting in Australia which saw overwhelming shareholder support, resulting in all resolutions being passed
The Group also continues to ensure that it is well positioned for the future:
- The Group continues to expand its global distribution footprint and has entered into discussions with innovative companies in key markets such as Switzerland, Brazil and Africa.
- The Group's Direct to Consumer channel through its partnership with Streamcast Marketing is anticipated to expand considerably this year with a major brand launch of SystemLS scheduled this quarter, aimed at driving additional revenues and increased margins in the second half of the financial year.
- Rapid Nutrition's global logistics partner Super Health Center ("SHC") has presented the Group's flagship brand to key retailers and distribution partners in the UK and the Middle East with in-market visits which have received uniformly positive responses and created expectations of additional incremental revenues for the Group in H2.
- As the Group's product offering continues to expand with innovative formulas in popular categories such as CBD and Antiviral Immunity, it is also looking to expand into new distribution channels in Australia this quarter through high-end retailers, offering a true 360-degree marketing approach for its products across multiple platforms.
Rapid Nutrition CEO, Simon St. Ledger stated, "The Board believes there are significant opportunities to grow the business organically and through acquisitions. Our focus in FY2020 will be based around these initiatives to generate further growth over the long term."
The Group's half year report will be published on March 30th, 2020.
About Rapid Nutrition
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