Markets with Madison: My Food Bag CEO hell-bent on turning it around

My Food Bag’s chief executive is hell-bent on turning the company’s prospects around to fix its flailing 21c share price.

On the back of revealing a halving in earnings and 60 per cent fall in full year net profit due to weaker demand, Mark Winter told Markets with Madison about his plan to return the company to growth.

“I’m very mindful of where the share price performance is at.

“For me, as the CEO, my focus is very much around growing active customers.”

My Food Bag’s share price was down 88 per cent since listing in March 2021.

It had 60,000 active customers in March, who ordered at least one meal kit in the previous 13 weeks.

Winter said it needed to increase its interaction with households, offer consumers more choice at the right price point, and leverage its “hero” My Food Bag brand.

“[It’s] all about becoming more relevant to the consumer - greater flexibility, greater convenience and ultimately great value.

“Focusing on that, with an underlying emphasis around productivity, is going to help transform this business and get it back into that growth phase.”

He discussed if the company should remain listed on the NZX and the correct size of its cost base, in today’s episode of Markets with Madison above.

Get investment analysis and insights from the experts on Markets with Madison every Monday and Friday on the NZ Herald.

Disclaimer: The information provided in this programme is of a general nature, and is not intended to be personalised financial advice. We encourage you to seek appropriate advice from a qualified professional to suit your individual circumstances.