- ECS Botanics (ECS) posts record half-yearly revenue of $6.98 million for the six months to the end of December 2022
- It marks an increase of 196 per cent on the prior corresponding period (PCP), while cash receipts grew by 218 per cent to $6.32 million
- The company said the result was underpinned by strong and growing demand for its cannabis oil and dried flower products in Australian and overseas markets
- ECS also added three new key personnel, onboarding a GMP Cannabis Quality Manager, a Post Harvest Manager and a PCE Cultivation Leader
- Shares in ECS close grey at 2.6 cents on Tuesday afternoon
ECS Botanics (ECS) has posted record half-yearly revenue of $6.98 million for the six months to the end of December 2022.
The revenue result represents a 196 per cent increase on the prior corresponding period (PCP).
ECS also reported its a 218 per cent increase in cash receipts from customers of $6.32 million in 1H FY23.
The company said its strong financial performance came as a result of growing demand for its cannabis oil and dried flower products within the Australian and international markets.
For the half-year period, ECS also reported a 50 per cent reduction in its loss after income tax to $1.36 million.
The company completed the sale of its Tasmanian business and assets for $3 million during the half-year while following through with the divestment of its Food and Wellness business for $250,000.
ECS also approved and completed the expansion of its Victoria facility during the period, more than doubling its area available for cultivation. Thus far, the company has completed two of the six protective cropping enclosures.
During the quarter, the company also added three new key personnel: a GMP Cannabis Quality Manager, a Post Harvest Manager and a PCE cultivation leader.
“I am delighted that our revenues are growing rapidly, that we are building a more experienced leadership team, and that we are gaining an expansive customer base for both flower and oils,” ECS Botanics Managing Director Nan-Maree Schoerie said.
“These key metrics together with the expansion cement our foundation to drive more shareholder value through higher volumes and more cost-effective production.”
ECS continues to scale its business, bolstering its status as a leading provider of high-quality, affordable medicinal cannabis.
Shares in ECS closed grey at 2.6 cents on Tuesday afternoon.