My Food Bag is exploring strategic options, including a potential sale, after reporting half-year revenues of $85.4 million and an after-tax profit of $2.9 million.
The company’s share price rose 8 percent following the announcement of the review. My Food Bag has successfully stabilized its business and returned to profitable growth.
The company forecasts a full year net profit between $6.4 million and $6.8 million for the year ended March. The board stated that now is an appropriate time to undertake a review given that the company’s recent performance has yet to be reflected in the share price.
Cameron Partners has been appointed as the financial advisor for this review. However, the review does not guarantee a change in ownership.
My Food Bag has been executing its strategy in challenging economic conditions. Observers note that the outcome of this review is uncertain and may not lead to a sale.
