Financial Highlights
The third quarter of FY21, being 1 October 2020 to 31 December 2020, continued to achieve new and
record financial milestones for the group, including near break-even cash from operations, prior to
normalisations being applied and notwithstanding the marketing spend more than doubling in the
quarter to approximately $350,000 while grant receipts fell 91% to an immaterial $38,000, compared
with the prior quarter.
The significant and material reduction in cash burn of a further 88% to an immaterial $90,000 for Q3
FY21 compared with the cash burn in Q2 FY21 of $735,000 and Q1 FY21 of $4,300,000 demonstrates
the strong financial trajectory of Keytone. The Company is accelerating towards net cash generation as
supported by a growing branded business, an increasing, robust and diversified client base and six
operational manufacturing sites across Australia and New Zealand providing operational leverage,
economies of scale and a broad product capability.
Sales growth in the proprietary branded division continued to accelerate and grew a further 36% over
Q2 FY21 to more than $1.4m. This growth came from a standing start a little over 12 months ago and
highlights the increasing demand and growing traction for the Company’s branded health and wellness
products across Australia, New Zealand and international markets complemented by the increased
marketing spend and efforts, both through traditional channels and social media platforms.
While the consolidated sales result of the quarter eased to $13.0m compared with the prior quarter,
this is attributable in part to seasonality in the New Zealand business where the December quarter is
typically a quieter quarter but more importantly is completely mitigated by new and material contract
wins with Coles Supermarkets and Foodstuffs New Zealand, among others, as production volumes are
expected to ramp up through calendar year 2021.
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