25 October 2018
Abundant Produce released our September 2018 Quarterly Review and 4C form to the market today. The key highlights from the Quarter’s activities were:
- $200k in cash receipts represents significant growth in market awareness and developing traction with customers
- Abundant Seeds (AS) set a daily record for seed sales of 200,000 seeds sold in one day
- Demand from farmers continues to grow, particularly in northern NSW and SA
- Progress on international tomato program with seed production scheduled to commence in Chile over summer
- $640k received through Federal Government’s R&D tax incentive scheme
- Abundant Natural Health (ANH) preparing to launch on the JD Global sales platform ahead of Chinese Singles Day sales event
- ANH products set to commence sales on two additional e-commerce platforms in China, Little Red Book and NetEase Kaola
- Magnesium range set to launch after showcasing to pharmacy wholesalers, retailers and banner groups
- ANH to showcase its range at the China International Import Expo in Shanghai in November
- $2.7 million cash balance as at 30 September 2018
Talking about Abundant Produce’s quarterly performance, ABT Group CEO, Tony Crimmins said:
“Abundant delivered revenue of $200,000 in the September quarter, a pleasing rise from the prior two quarters. We achieved this growth through further establishment of our skincare and nutraceutical brands in the domestic market and growth of our seed business, particularly in northern NSW and the Adelaide basin. We expect to deliver continued growth in revenue as international sales develop for both ANH and AS.
“We earned an R&D return of $640,000, which augmented our revenue growth to leave ABT with a stronger cash position compared to the prior quarter. Next month we expect an Export Marketing Development Grant (EMDG) and an Innovation grant from the NSW government.
“Looking forward, we remain poised for further business development and revenue growth heading into Chinese Singles Day and the holiday season.”
To find out more information download the full report.