{"id":3105,"date":"2023-12-12T22:40:02","date_gmt":"2023-12-12T22:40:02","guid":{"rendered":"https:\/\/economicherald.net\/?p=3105"},"modified":"2023-12-12T22:40:02","modified_gmt":"2023-12-12T22:40:02","slug":"melodiols-fy23-revenue-exceeds-20m-as-acquisition-strategy-proves-successful","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=3105","title":{"rendered":"Melodiol\u2019s FY23 revenue exceeds $20m as acquisition strategy proves successful"},"content":{"rendered":"

Q4 sales to date take total FY23 revenue to over ~$20 million, a 130% increase on total FY22 revenues of $8.69m
\nGrowth underpinned by ongoing sales momentum across global network of fully-owned subsidiaries, in particular Mernova Medicinal Inc. and Health House International<\/p>\n

\u00a0<\/p>\n

Special Report: <\/em>Christmas has come for the acquisitive Melodiol Global Health with unaudited revenue of ~$5.942 million generated so far in Q4 FY23, underlining its continued strong progress. <\/strong><\/p>\n

Cannabis play Melodiol Global Health (ASX:ME1)<\/strong><\/a>\u00a0says preliminary revenue in the 4th quarter to date already take FY23 revenue to ~$20m, already up 130% on FY22.<\/p>\n

\u00a0<\/p>\n

Growth driven by subsidiaries <\/strong><\/h2>\n

Q4 FY23 growth has been driven by sales from ME1\u2019s wholly-owned Canadian subsidiary, Mernova Medicinal Inc along with its 100%-owned operating division Health House International (HHI).<\/p>\n

Mernova is a licensed producer of cannabis products in Canada for sale under the Ritual brand banner and its year-to-date revenue is now more than $4.95 million for FY23.<\/p>\n

Cannabis is legalised in Canada for both medicinal and recreational use with ME1 saying Mernova has further growth potential.<\/p>\n

ME1 recently announced unaudited figures for the Australian division of HHI<\/a> showing it generated sales of ~$1 million in October with consistent monthly sales of ~$1 million per month during Q3 FY23.<\/p>\n

When adjusted for cost of goods sold (COGS) and operating expenses, HHI Australia was EBITDA positive and over the last 12 months has generated ~$14 million of revenue with an EBITDA margin of 12.7%.<\/p>\n

\u00a0<\/p>\n

Result validates growth-by-acquisition strategy<\/strong><\/h2>\n

CEO and Managing Director William Lay says Q4 FY23 revenue to date and the projected annual revenue result further validates ME1\u2019s growth-by-acquisition strategy, with both Mernova and HHI delivering the group a material uplift in sales, cash flow and net earnings.<\/p>\n

Lay is confident each division will continue to generate consistent sales through the course of December 2023.<\/p>\n

\u201cOver the course of FY23, the company has been focused on optimising operations to deliver high revenue opportunities, while maintaining a focus on costs,\u201d he says.<\/p>\n

\u201cDuring Q4 FY23, Melodiol delivered on this goal, which lays a strong foundation for FY24.<\/p>\n

\u201cWe look forward to providing further updates on Q4 FY23 sales over the coming weeks as additional revenue materialises.\u201d<\/p>\n

Lay says ME1 remains increasingly focused on its stated strategy of maintaining high revenue growth across the group, with an emphasis on cost management as it targets a cash-flow breakeven position.<\/p>\n

\u00a0<\/p>\n

This article was developed in collaboration with Melodiol Global Health, a Stockhead advertiser at the time of publishing. <\/em>\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Melodiol\u2019s FY23 revenue exceeds $20m as acquisition strategy proves successful<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Q4 sales to date take total FY23 revenue to over ~$20 million, a 130% increase on total FY22 revenues of $8.69m Growth underpinned by ongoing [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":3106,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nMelodiol\u2019s FY23 revenue exceeds $20m as acquisition strategy proves successful - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=3105\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Melodiol\u2019s FY23 revenue exceeds $20m as acquisition strategy proves successful - 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