Strong sales in the latter half of the year have positioned My Food Bag for year-on-year profit growth.
The company projects its full-year net profit at $6.4 million to $6.8 million, an increase from $6.3 million in FY2025.
Revenue is expected to rise 4.9% from the prior year, driven by year-on-year growth in retained customers for the meal kit business.
“We’ve prioritised providing our customers with greater flexibility, offering more convenience and reiterating the value of our offering,” My Food Bag chief executive Mark Winter said.
Winter notes that the meal kit business has grown over the past year to attract more health-conscious customers, now featuring a high-protein option, diabetes plan, and meals designed for those on weight-loss drugs.
Although ingredient price inflation remains a hurdle for My Food Bag—with food prices up 4.5% in the year to February per Stats NZ—Winter said the company improved its gross margin in the second half compared to the prior year.
“We’ve always prioritised what we can do internally to take unnecessary cost out that the customer doesn’t value, and that includes at assembly sites around productivity.”
“We invested a substantial amount of money a couple of years ago in implementing light automation, so initiatives like that have allowed us to partially offset the food price inflation costs that we’re seeing come through.”