Food Revolution Group cashed up for a sustained growth in 2021

By Trevor Hoey. Published at Mar 29, 2021, in Small Caps

Hot on the heels of releasing impressive sales data across its Juice Lab Wellness Shots lines and bringing on board its largest customer in Woolworths, The Food Revolution Group Limited (ASX:FOD) has secured an investment of $3 million from two strategic global institutions via Evolution Capital Advisors.

This will assist in supporting the company’s s rollout of the Juice Lab Wellness range, as well as funding the group’s new cleanroom plant and equipment, effectively fast-tracking the introduction of more wellness supplements from the new facility.

There will also be benefits in transitioning the company’s overall financing as FOD emerges with a strengthened balance sheet from the placement of approximately 85.7 million shares at an issue price of 3.5 cents.

While the issue price represents a 14% discount to the last closing price of 4 cents, it needs to be borne in mind that the company’s shares have performed extremely strongly in March, increasing 45% from 2.8 cents on March 4 to last week’s close of 4 cents.

Management also pointed to debt refinancing initiatives that would be undertaken under the new structure, a development that is likely to see improved borrowing terms and potentially less of an earnings drag in terms of finance costs.

FOD uses a range of processing technologies, including Current Counter Extraction (CCE) technology which was developed in conjunction with Australia’s CSIRO to extract juice from fruit and vegetables.

The company is aiming to generate shareholder value through exploring opportunities for growth in the functional food, beverage and nutraceutical markets in Australian and key international markets, including China.

Consequently, a strengthening in FOD’s financial position is timely as it will provide the company with the capital to undertake initiatives in areas of product development and upscaling to cater for increased volumes, as well as marketing established and new products in Australia and overseas.

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