Me Today Limited Analysis

Overview

The Me Today Group owns and operates the Me Today brand (Me Today), a New Zealand founded and based health and wellness brand that produces premium quality products clearly linking supplements and natural skincare, ultimately making it easier for consumers to shop.

Me Today's products have been formulated using absorbable ingredients and, where possible, are either vegetarian or vegan friendly. The Me Today Group is conscious of its responsibility towards the environment, so product packaging has been designed to minimise plastic waste and is almost entirely recyclable. The Me Today range offers a modern solution to modern problems.

Launching with a cross-category focus positioned Me Today well to grow through new product development and expansion into new health and wellness categories.

As well as the Me Today brand, the Founders have created The Good Brand Company. The Good Brand Company was established to sell and market third party brands within the health and wellness space. The Good Brand Company represents Me Today and other agency branded businesses. It is actively seeking new brands to further complement its existing brand portfolio.

The Founders of the Me Today Group are Grant Baker, Stephen Sinclair and Michael Kerr. They joined forces to take advantage of what they believe to be a significant opportunity to leverage their joint experience and expertise by launching a new brand in the health and wellness space.

Performance

The following information was extracted from Me Today Group's ("MEE") half year report, released 28 February 2024:

The key aspects of the Group’s consolidated financial statements for the six months to 31 December 2023 are explained further below:

• The operating EBITDA loss for the Group was $2.22m, split between the business divisions as follows.
• The Me Today sale of goods and agency services segments combined operating EBITDA loss was $0.81m compared to an EBITDA loss of $1.33m for the 6 months ended 31 December 2022.
• The King Honey segment operating EBITDA loss was $0.77m compared to an EBITDA loss of $1.06m for the 6 months period ended 31 December 2022.
• The listed company and shared services operating costs were $0.65m compared to $0.69m for the 6 months ended 31 December 2022.

Deducted from operating EBITDA were expenses amounting to $5.03m resulting in a net loss after tax of $7.25m.

The $5.03m of expenses consisted of the following.

• Finance Costs $0.33m
• Fair Value loss on Biological assets $0.35m
• Depreciation and Amortisation $0.18m
• Amortisation of Customer Relationship asset $0.54m
• Impairment of Customer Relationship asset $3.45m
• Restructuring costs $0.15m
• Write Down of assets held for sale $0.03m