Highlights:
Financial performance:
During Q2 FY24, Melodiol delivered $4.8m in unaudited revenue, which was a 9% increase on the previous quarter (Q1 FY24: $4.4m). H1 FY24 revenues of $9.3m are an increase of 33% vs. H1 FY23 ($7.0m). The results follow record group revenues of $21.6m in FY23, a 148% increase on the PCP.
Q1 FY24 revenue was underpinned by Melodiol’s 100%-owned Canadian subsidiary, Mernova Medicinal Inc. (‘Mernova’) which generated $2.0m in revenue for the period. Mernova’s revenue was up 25% on the PCP (Q1 FY2024 revenue: $1.5m).
Further, wholly-owned operating division Health House International (‘HHI’ or ‘HHI International’) also contributed $2.8m in revenue. HHI’s ongoing contribution to the Company’s revenue since its acquisition has further underpinned Melodiol’s stated strategy of leveraging strategic M&A to bolster operations.
Receipts from customers for the period totalled $4.9m, in line with Q1 FY24 ($5.0m). Net cash used in operating activities was $1.9m. For H1 FY24, total cash used in operating activities was $3.0m, significantly lower than H1 FY23 ($6.6m).
Cash used in operating activities comprised mainly of product manufacturing and operating costs ($3.3m), advertising and marketing ($0.1m), staff costs ($1.5m), and administration and corporate costs ($1.7m).
At quarter end, the Company has cash at bank if $0.6m. Payments to related parties and their associates as detailed in section six of the attached Appendix 4C relates entirely to Directors Fees / expenses of $0.08m.
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