Sustainable Nutrition Group in extended trading halt

The Sustainable Nutrition Group is in an prolonged interval of voluntary suspension following lack of a strategic buyer provide settlement in May and resignation of its CEO Neale Joseph quickly after.

Karun Moses stepped into the function of COO, he joined SNG about 16 months in the past. Moses has 25 years’ expertise in operations and provide chain logistics and the SNG board says he brings experience in main enterprise transformation to the desk.

The group produces, manufactures, and distributes sustainable and plant-based manufacturers together with Mt. Elephant, The Australian Super Food Co (acquired in January), Australian Primary Hemp, and pet model Field Day.

SNG is the biggest hemp provider in Australia, with ingredient gross sales accounting for 45 per cent of income in 1HFY22.

A partnership with plant-based powder processing enterprise Australian Plant Proteins is anticipated to ship first business gross sales in early FY23 and open up export market alternatives.

In 1HFY22, income was up 103.6 per cent on 1HFY21 to $1.6 million, however its EBITDA nearly tripled to -$2.8 million.

SNG reported 12 per cent income development for Mt. Elephant within the first half, saying Covid associated provide chain disruptions dampened income by 20 per cent.

The model secured a brand new distribution settlement with Woolworths in March for its baking merchandise, however misplaced distribution with the retailer for its mylk merchandise.

http://www.foodanddrinkbusiness.com.au/news/sustainable-nutrition-group-in-extended-trading-halt

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