Longtable Group, a former digital media company reinventing itself as a premium food business, today posted a loss of $3.02 million for the half year to December.
A short time ago, its shares were down 11.6% to $0.038.
The company recorded revenue over the six months of $390,000. Longtable says the half year was a time of transformational change, and underlying business earnings will flow from the second half of 2018.
The company has a 48% stake in Maggie Beer Products, purchased in 2016 from the founder by the same name.
According to the numbers posted for the half year results, this business lost $251,000 over the six months. Longtable’s share of the losses was recorded as $120,000.
Longtable says the last six months have been challenging for Maggie Beer Products, with lower gross profit margins caused by the slower than expected rollout to Metcash supermarkets.
The other major business now owned by Longtable is Farm Paris Creek in the Adelaide Hills, an organic-biodynamic dairy food and beverage businesses, producing a range of milk, cheese, yoghurt and butter. Longtable paid $34 million for Paris Creek.
“The past six months was a period of tremendous change for our company,” says Longtable’s CEO and Managing Director Laura McBain.
“We are very focused on executing on our vision to acquire and build iconic food and beverage businesses.
“We are very pleased with our acquisition of Paris Creek. Our immediate focus is transitioning the business from its family owned roots to a sophisticated business model given the exciting growth opportunities we see for this business.”
Paris Creek is Australia’s second largest source of organic milk.
The company had $45 million equity capital raising in December and January to fund the purchase of Paris Creek.
Longtable’s cash position is $9.1 million.
The company was previously called Primary Opinion Ltd, a digital knowledge-sharing platform for the global professional services industry, primarily in legal services. Before that it was called formerly Jumbuck Entertainment.
The half year results at a glance: