It's been a busy day as we share some exciting announcements with the ASX.
Firstly, our results for FY20 are out. It was a big year for us this year and we have achieved some incredible milestones. We're delivering on our promises as our mighty team continues to build momentum and take on the beverage industry keeping us on track for a big FY21.
Managing Director Mark Haysman said: "I'm extremely proud of what the Founders First Team has achieved in FY20. Our results are strong, growth is accelerating and we are executing our strategy at pace during these challenging times."
Performance Highlights:
Maiden ASX listed FY results reflect strong growth and momentum into FY21
Cash on hand of $11.4 million
Revenue from Ordinary activities $9.2m – an increase of +131% vs FY19
Total Income of $10.4 million – an increase of +160% vs FY19
Wholesale revenue growth of +113% vs FY19 on a 100% basis (+260% for consolidated entities)
National Distribution increase of +151% vs FY19 with significant gains to come through additional distribution points secured at the end of FY20
Adjusted FY20 loss of $5.9 million removing one-off costs associated with ASX listing and legal fees associated with business investments / acquisitions and COVID-19
Founders First has a strong balance sheet and is positioned for further growth as further industry consolidation occurs
Wholesale Sales – 100% Basis Unique Distribution Points
This year has been a significant one for us and our journey. Some of our milestones were:
Listing on the ASX on the 17th of December 2019
Completed four acquisitions and executed eight equity investments
Highly capable team in place, assembled from various Tier 1 backgrounds and geared to create a significant and sustainable business over the coming years
Investment in digital infrastructure that will ensure Founders First has world-class eCommerce capability and financial management through an ERP rollout
Delivered strong growth through Q3 and Q4 despite the impact of COVID-19 on venues across the country
Launched a new Industry facing identity “Mighty Craft” that better encapsulates the Company’s vision and purpose. Founders First is considering a company-wide rebrand for shareholder approval at the AGM
Agreed a Joint Business Plan with Coles ensuring alignment of long-term growth aspirations
Expanded into Whisky with the first batch of premium Tasmanian and Kangaroo Island Whisky in the market mid FY21
Closed FY20 with a strong balance sheet and is poised for further growth given the momentum gains seen towards the end of the fiscal year
Read the full FY20 results commentary and FY20 report by clicking the links.
We've also just secured a $7.5 Million debt facility with Pure Asset Management so we can continue unleashing the growth of independent craft.
You can read more about that here.