Forbidden Foods reports 147% sales surge as growth continues following OMG acquisition
Forbidden Foods (ASX: FFF) has reported an increase in sales of 147% for the first two months of the year on the previous corresponding period as the company consolidates its growth trajectory following its acquisition of non-dairy business Oat Milk Goodness (OMG) in September.
The result includes a 145% uplift in online sales of Blue Dinosaur all-natural snack bars and protein products and follows a 104% increase in sales for the final quarter of 2024—the first full three-month period of operations following the OMG transaction.
Monthly sales of more than $500,000 in November were a highlight, representing the highest total since new management initiated a business restructure in June 2023.
Positive trend
With consistent monthly sales through January and February, Forbidden Foods has consolidated the positive trend that emerged post-transaction and now anticipates further growth through expanded distribution partnerships.
This will include a targeted marketing campaign from April to July, led by a brand ambassador agreement with the Melbourne Mavericks netball team.
The company is also in discussions with major Australian retailers to broaden its supermarket footprint following the completion of product stocking arrangements with Ampol and Woolworths in the December quarter.
Sales trajectory
Forbidden Foods chief executive officer Alex Aleksic said the company was focused on maintaining its in-store and online sales trajectory.
“We are pleased with our early-year sales momentum through the summer holiday period, which highlights a consolidation of the growth trend that emerged immediately following the OMG acquisition,” he said.
“Our multi-brand strategy is helping to build a different business, defined by a larger complementary product range and an expanded distribution footprint.”
Mr Aleksic said the OMG acquisition would promote an ongoing reduction in costs across Forbidden Foods’ operations through the flow-on effects of staff changes and shared overheads.
Protein product
OMG is currently stocked in 456 Woolworths supermarkets and Metro stores nationwide, as well as 130 Ampol Foodary locations.
The ready-to-drink coffee-flavoured product contains 20 grams of plant-based protein per serve and is made with Forbidden Foods’ innovative oat and olive oil base.
It uses only natural ingredients and is reported to contain less than half the sugar of competitor products.