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‘Strong quarter’: Wellnex books 44% increase in sales revenue

April 13, 2022

‘Strong quarter’: Wellnex books 44% increase in sales revenue

Wellnex Life’s sales revenues ticked up in the March quarter, underpinned by strong performance from the company’s higher-margin wholly owned brands.

Wellnex Life’s sales revenues ticked up in the March quarter, underpinned by strong performance from the company’s higher-margin wholly owned brands.

The company saw its revenues grow 44% for the quarter, up to $5.7 million from the $3.95 million logged in the prior corresponding period.

March proved particularly strong, with sales revenues for the month up circa 40% on the same month in 2021 even excluding purchase orders for products which bolstered the company’s overall performance, Wellnex said.

The company attributed much of the growth to two brands in its stable, Wakey Wakey and The Iron Company, which both hit supermarket shelves during the quarter, and saw their distribution expanded to 2,000 pharmacies around the country.

Wellnex expects this momentum to continue into the next quarter, supported by the additional distribution reach.

“This has been another strong quarter for Wellnex. We are seeing continued growth across the whole business and importantly in our wholly owned brands where margins are highest,” CEO George Karafotias said.

“What is exciting is that while we continue to see organic growth, the strong pipeline of brands and products will accelerate our revenue and margins.

“These results are a reflection of our unique business model and the team we have at Wellnex.”

Wellnex Life CEO George Karafotias will be holding an investor briefing tomorrow, Thursday 14th April, at 11am (AEST), where he will discuss new brands the company has put on to shelves and how it is continuing to claim market share in Australia’s $10.7 billion health and wellness market. Click here to book in.

Reach Corporate provides corporate advisory services to WNX and has been engaged by WNX to manage its investor communications.

Sources


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