Maggie Beer Holdings Profit After Tough Changes
Adelaide News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Maggie Beer Holdings, the food company, has returned to profitability after a series of losses. In the financial year 2023, they made a profit of $766,000, following a $6 million hit from their dairy business in early 2024. They sold the dairy arm for $500,000, a significant drop from the $34 million they paid in 2017. The companys turnaround was achieved through cost cuts, board refreshment, and a $11.5 million shareholder investment. Key products, such as cheeses, stocks, and verjuice, drove the $398,000 profit. Total sales dipped by 1.7% to $52.8 million, but cash reserves stand at $15.5 million. The hampers business earned $3.1 million on $34 million in revenue, and the company is considering bids or a sale with updates forthcoming.
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