Company stories report month of gross sales from its pea-splitting facility
HIGHLIGHTS OF Q1 2024
-
Named one of many Future 50 Fastest Growing Sustainable Companies in Canada by Corporate Knights.
-
Revenue within the quarter of $21.7 million backed by development in greater margin business strains, representing 37.7% of whole income in Q1 2024 in comparison with 26.9% in Q1 2023.
-
Cash generated from working actions of $5.1 million in Q1 2024.
-
Completed the set up of the retail packaging capabilities on the Company’s US distribution middle in Clayton, North Carolina.
TORONTO, Aug. 28, 2023 /CNW/ – Global Food and Ingredients Ltd. (TSXV: PEAS) (OTCQX: PEASF) (“GFI” or the “Company“), right this moment reported first quarter monetary outcomes for the three months ended June 30, 2023.
“GFI is constant to execute on its dedication to prioritize greater margin producing business strains, evidenced by a record-setting gross sales month from our just lately accomplished value-added pea-splitting facility,” commented David Hanna, GFI’s CEO. “Our administration crew continues to execute on our technique of specializing in our core substances section, decreasing our bills and rising our greater margin business strains”
First Quarter Results
Highlights – Three Months ended June 30, 2023
-
The Company recorded income of $21.7 million within the three months ended June 30, 2023.
-
Sales backed by the Company’s shift to greater margin product strains, particularly plant-based pet meals substances and cut up peas, representing 37.7% of whole income throughout the three months ended June 30, 2023, a rise of 10.8% over the prior 12 months comparable interval.
-
In the month of April GFI generated $1.3 million in gross sales of cut up peas from its state-of-the-art pea splitting facility in Saskatchewan, which was a month-to-month report.
-
Completed the set up of the retail packaging capabilities on the Company’s US distribution middle in Clayton, North Carolina. The retail packaging strains are able to packaging merchandise in pouches and pillow baggage, together with 1lb, 2lb and 4lb codecs. The capabilities had been constructed inside the Company’s present distribution middle, offering extremely environment friendly operation with retail packaging and order achievement in the identical location. The preliminary focus for the ability might be packaging GFI’s branded North Lily and North Lily Organics substances into pillow baggage after which distributing all through North America. GFI may also be offering personal label bagging providers to 3rd celebration clients at gross margins greater than fiscal 2023 consolidated gross margins.
-
Named one of many Future 50 Fastest Growing Sustainable Companies in Canada by Corporate Knights. Selected from a pool of 8,676 Canadian private and non-private firms, the Future 50 signify the 25 fastest-growing publicly traded firms (as measured by year-over-year income development share) and the 25 fastest-growing privately owned firms (as measured by share development in capital raised from their two most recent funding rounds) that earn greater than 50% of their income from sustainable sources
The unaudited condensed consolidated interim monetary statements for the three months ended June 30, 2023 (“Financial Statements“) and associated Management’s Discussion & Analysis (“MD&A“) for the three months ended June 30, 2023, can be found underneath the Company’s profile at www.sedarplus.ca.
About GFI
GFI is a Canadian plant-based meals and substances firm, connecting the native farm to the worldwide provide chain for peas, beans, lentils, chickpeas and different excessive protein specialty crops. GFI’s imaginative and prescient is to grow to be a vertically built-in farm-to-fork plant-based firm offering traceable, domestically sourced, wholesome and sustainable meals and substances. GFI is organized into 4 main business strains: Core Ingredients, Value-Added Ingredients, Plant-Based Pet Food Ingredients and Downstream Products. Headquartered in Toronto, GFI buys instantly from its intensive community of farmers, processes its merchandise domestically at its 4 wholly-owned processing services in Western Canada and ships to 37 nations the world over.
Disclaimer
Neither the TSXV nor its Regulation Service Provider (as outlined insurance policies of the TSXV) accepts duty for the adequacy or accuracy of this press launch.
Cautionary Statements
Forward-Looking Statements
This press launch could include sure forward-looking data and statements (“forward-looking data”) inside the which means of relevant Canadian securities laws, that aren’t based mostly on historic reality, together with with out limitation statements containing the phrases “believes”, “anticipates”, “plans”, “intends”, “will”, “ought to”, “expects”, “proceed”, “estimate”, “forecasts” and different comparable expressions. Forward wanting statements on this press launch embody with out limitation statements regarding GFI persevering with so as to add additional downstream processing and the consequences thereof and GFI’s business aims. Readers are cautioned to not place undue reliance on forward-looking data. Actual outcomes and developments could differ materially from these contemplated by these statements. GFI undertakes no obligation to remark analyses, expectations or statements made by third-parties in respect of GFI, its securities, or monetary or working outcomes (as relevant). Although GFI believes that the expectations mirrored in forward-looking data on this press launch are cheap, such forward-looking data has been based mostly on expectations, components and assumptions regarding future occasions which can show to be inaccurate and are topic to quite a few dangers and uncertainties, sure of that are past GFI’s management, together with the chance components mentioned in GFI’s annual data type for the 12 months ended March 31, 2022, that are included herein by reference and can be found by means of SEDAR at www.sedarplus.ca. The forward-looking data contained on this press launch are expressly certified by this cautionary assertion and are made as of the date hereof. GFI disclaims any intention and has no obligation or duty, besides as required by regulation, to update or revise any forward-looking data, whether or not on account of new data, future occasions or in any other case.
SOURCE Global Food and Ingredients
