Shares in Yowie, the maker of chocolate formed in the image of an Australian mythical creature, rose today after the company announced quarterly sale numbers.
A short time ago, the shares were up 3.3% to $0.155 but still well below the 12 month high of $0.66.
December quarter sales for the Perth-based company were up 23% to $US5.4 million.
Earlier this month the company revised down its net sales growth guidance for 2018 to 17% from 55%.
The company has been making inroads into the US market. Earlier this month, Mark Schuessler, Global COO and Head of Yowie North America, was appointed Global CEO replacing Bert Alfonso.
“Overall, the quarter sales were solid due to the Australian and Canadian additions to the portfolio. We are seeing encouraging results in the commitment in new distribution in the US, Australia and Canada,” says Louis Carroll, Chairman of Yowie Group.
“While we prudently invest for growth we are also intensifying our efforts to ensure Yowie is efficient and costs are managed very carefully.
“We look forward to delivering on full year net sales guidance, delivering a stronger second half of the year and restoring shareholder confidence.”
Yowies are an ape-like mythical creature, similar in some ways to the Yeti or Abominable Snowman, said to live in the Australian outback.
Yowie chocolates first launched in Australia in 1995, quickly becoming the number one selling single confectionery for Cadbury.
A copyright dispute saw the chocolate-covered toys fade away. However, the Yowie Group bought the rights to the brand in 2012 during the Kraft takeover of Cadbury.