Continued sales growth demonstrates growing market acceptance for Bod's innovative products.
Medicinal cannabis, CBD and hemp healthcare products company,
Bod Australia Limited (ASX: BDA) is pleased to provide the following update on its revenue growth for the financial year 2020.
Bod advises that it has achieved strong revenue growth in recent months with FY2020 revenue now totalling ~$4.5m. This marks a $1.1m increase on the revenue reported for the first nine months of FY2020, which totalled $3.4m (refer ASX announcement: 21 April 2020). This also marks a 235%
increase in total sales revenue for FY2019 (FY2019 total revenue: $1.34m).
We are confident that we can finalise and deliver many of the outstanding binding purchase orders this month to further grow our revenue numbers for this financial year.Jo Patterson CEO
The Company also has approximately $1.78m in unfulfilled binding purchase orders from Health & Happiness Group Ltd (H&H Group, HKSE: 1112) that it is aiming to finalise and deliver before the end of the current quarter. The value of any orders delivered during the current quarter will be booked
as revenue for FY2020.
Bod advises that these orders are binding and are for the Company's premium CBD and hemp products, sold through recently launched and existing H&H brands in the United Kingdom and Australia.
The continued strengthening of the Company's revenue base further demonstrates the scale and sales acceleration that Bod is currently achieving in large markets. Further, the binding POs outline the considerable value of Bod's strategic relationship with H&H Group.
Bod is confident that it will continue to achieve an upward trajectory in sales for the remainder of FY2020 and beyond. The Company has a large pipeline of products currently under development across formats (i.e. skincare, beverages etc), which will be launched in the coming months, as well as a range of products using unique delivery methods that will come to market in the near term. Bod has received strong interest from its retail partners and H&H in the proposed new products and looks forward
to updating shareholders on respective launches in the coming months.
Further, the Company is confident that ongoing increases in medicinal cannabis prescription volumes in the UK and Australia will underpin additional revenue growth.
CEO Jo Patterson said: "Bod continues to deliver a number of innovative CBD and Hemp-based consumer products that are being well received across large international markets and this is translating to the sustained revenue growth we are currently experiencing. More consumers are connecting to our trusted brands across all business divisions and we expect order volumes as well as medicinal cannabis prescription sales, to naturally increase. We are confident of strong product uptake across the remainder of the calendar year and beyond."
To learn more about Bod Australia, visit the company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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