Oliver’s returns to ASX
The group also reported a revenue increase of 76.2% for H1 2023.
Fresh food provider Oliver’s Real Food Limited has had its suspension lifted from the Australian exchange.
The suspension was lifted on 27 February, following the company's compliance with Listing Rule 12.2.
According to Oliver's chairman, Martin Green, they worked closely with ASX through the process before finally satisfying conditions for reinstatement to the quotation of the company’s fully paid ordinary shares on the Official List of the ASX.
"The Board believes Oliver’s business model is now sustainable as well as providing a solid foundation for managed growth – in market penetration, sales, margins, and the store network itself. Our December 2022 quarter’s performance achieved both a profit and a positive cash flow, as reflected in our quarterly 4C Appendix, released on 13 January 2023. Finally, and importantly, we maintain our lenders' full support, which has been re-confirmed as part of the FY2023 half-year audit review," Green said.
Additionally, Oliver's reported revenues to have increased by 76.2% year-on-year to $12.68m for the half-year ending 31 December 2022 despite the closure of eight stores during the preceding financial year
Underlying EBITDAI is up 661.0% on percentage points to $1.55m (H12022: $204k), underpinned by solid revenue growth, gross margins increasing to 62% from 50% and tight cost controls. Net Operating Cash Flow of positive $488k. Statutory Net Profit After Tax of $6.30m Excluding the impact of the write-back of lease liabilities, the company recorded a small
operating loss after tax of $103k (1H22: loss of $4.69m).
"In connection with the Company’s relisting process, Hall Chadwick completed an Independent Expert’s Report which concluded that Oliver’s working capital and financial condition are sufficient for the Company to carry out its stated objectives in the 12-month period following reinstatement, including operating results and cash flow forecasts," the
