Melodiol Global Health Limited

Q1 FY24 Revenue Update

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to advise that is has achieved approximately $4.1m of unaudited revenues for Q1 of FY24, marking a 79% increase on Q1 FY23 revenues of $2.3m. The result provides a strong foundation for the remainder of FY24.


Highlights:

  • Unaudited Q1 FY24 revenues of $4.1m, a 79% increase on Q1 FY23
  • Follows strong Melodiol group FY 2023 revenues of $21.6m (an increase of 148% on FY 2022)
Revenues were driven by strong performance at Mernova, which recorded $1.7m in revenues for the quarter. During the quarter, Mernova continued its strong momentum from FY23, where it delivered $6.9m of revenue as demand for its high quality recreational cannabis products remained strong across its various provincial markets. Mernova has recently gained approval for the listing of a variety of new SKUs across existing markets (refer to announcement dated 2 April 2024) and already has >$550k of POs for delivery in Q2 of FY24. The Company looks forward to providing further updates on Mernova in due course.

Health House Australia also provided strong contributions of $1.8m in revenues utilising its position as a trusted supplier within the growing Australian medical cannabis landscape. During Q1 and Q2 the group signed on a variety of new suppliers and looks forward to introducing the Health House Wellness Clinic in Q2 of FY24 (refer to announcement dated 9 April 2024). These activities provide a strong foundation for maintaining or exceeding current sales levels during Q2 of FY24.

Health House UK delivered $647k of revenue. The group continues to see strong demand and will provide updates on further revenue development in due course. During FY23, Health House Australia and UK provided $11.4m in revenue to Melodiol’s group results. Group revenue results of $21.6m in FY23 were an increase of 148%, compared to FY22.

Management commentary:

CEO and Managing Director, Mr William Lay said: “I am very proud of our global teams for the strong start they have delivered to FY24. We continue to see strong demand and engagement from customers across our business units and are working diligently towards growing our substantial revenue base. We look forward to providing further updates to this effect in due course.”


Click here for the full ASX Release

This article includes content from Melodiol Global Health, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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