Key points
- 17% revenue decline in the United States and 11% decline in revenue in the Rest of the world
- Net loss of $2,544,000, an 11% improvement from prior year
- Gross margin improved to 33% from 28% in prior year
Full summary
Nutritional Growth Solutions Ltd reported a 17% revenue decline in FY2024, with revenue amounting to $2,481,000 (FY2023: $2,984,000). The company reported a net loss for the year of $2,544,000, an 11% improvement from the prior year's loss of $2,893,000. The loss included a non-cash finance expense of $75,000 in connection with share-based payments made during the reporting period. Gross margin for the year improved to 33% (FY2023: 28%), reflecting the impact of transitory inflation on shipping costs and raw material prices. The company reduced expenses in sales and marketing by lowering staff and social media marketing spend, while focusing advertising on distribution channels to customers. The company remains in a cash position, with a closing cash balance of $31,000 at 31 December 2024 (FY2023: $172,000).