Oliver’s loses $1.3m for the quarter

Oliver's-Real-FoodOliver’s Real Food released its quarterly earnings with $8.5 million in revenue for the quarter ending 30 June, though losing almost 1.3 million in net cash due to operating activities.

Revenue for the year to date almost reached $37 million, the higher end of a slashed forecast from earlier in the year, ending the year with $1.3 million in net cash.

The majority of money spent for both the quarter and year to date was due to product manufacturing and operating costs, reaching $5.37 million and $18 million respectively.

These numbers are consistent with a revised earnings guidance released by the company in May, signalling major changes to the company’s operations, which caused its share price to plummet more than 54 per cent to 11 cents, less than half of the 30 cents the company listed at in June last year.

The revised earnings guidance was likely part of a full review of the business by new chief executive Greg Madigan, who took over the position in early April.

Oliver’s positions itself as a healthy alternative to fast food, advertising fresh and natural ingredients free from additives and preservatives, and trades across Australia’s eastern seaboard.

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