We are pleased to share Wellnex Life (ASX: WNX), owner and developer of some of Australia's leading health brands, has recently released a key ASX announcement.
Wellnex Life Limited (ASX: WNX) (“Wellnex” or “the Company”) is pleased to release their annual report FY2024 - transformational period with profit from normal operations in 2HFY24.
Announcement Highlights
- Revenue for FY24 of $16.9 million with 2HFY24 contributing $11.3 million with the acquisition of Pain Away.
- Margins for FY24 up 76% compared to FY23 from 17% to 30%, with margins in the 2HFY24 increasing to 40% compared to 11% in 1HFY24.
- Margin in dollar terms increasing by 6.5% to $5 million from $4.7 million in FY23 despite revenue decreasing in FY24 by 39.6% compared to FY23.
- Normalised EBITDA loss for FY24 down 31% compared to FY23 of $4.5 million, with 2HFY24 recording a profit of $0.6 million.
- Net Assets of Wellnex Life as at 30 June 2024 was $6.1 million compared to $0.6 million as at 30 June 2023.
- Strong platform of growth for FY25 to drive increased revenue and strong margins between 36% and 40% and profitability.
Wellnex Life's CEO George Karafotias commented:
" Financial Year 2024 was a period that had some difficulties in the first half of the financial year 2024 with the delay in the acquisition of Pain Away and the increased costs to complete the acquisition. The completion of the acquisition of Pain Away has transformed the business with increasing revenue, margins and profitability. The main focus in the financial year 2025 apart from continuing to grow the business is to deal with the balance sheet issues which we have a clear plan to deal with this. I want to thank all our shareholders for their continued support as Wellnex Life continues its path of being a major participant in the health and pharmaceutical market."
Congratulations to George Karafotias, Zack Bozinovski, the board and the team at Wellnex Life for reaching this significant milestone.
Read the full Wellnex Life ASX announcement here.
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