Elixinol Global (ASX:EXL,OTCQX:ELLXF) has issued its quarterly results for the period ended on September 30, 2019.
As quoted in the press release:
Normalised revenue growth of 12 percent on PCP
Elixinol Global reported unaudited group revenue of AU$9.6m for Q3 FY2019 representing 3 percent decline on the prior sequential period Q2 FY2019 and 9 percent decline over Q3 FY2019. In the Company’s March 2019 quarterly update, a strategic decision to reduce focus on lower margin private label business in the US was communicated to enable increased capacity for expected future growth of higher margin branded products and provide the ability to capture further market share. Excluding this private label business, normalised revenue growth for Q3 FY2019 would have reported an increase of 12 percent on PCP.
Stratos Karousos, Group CEO of Elixinol Global commented: “We continue to diversify our business across a variety of channels and have made significant investments in people and operations within a number of key geographies globally, including strong headway in Europe. We remain very confident in our future growth strategy as we continue to diversify our branded product mix through a multi-channel sales approach”