SYDNEY, AUSTRALIA: Anagenics, a leading company in the health, beauty, and wellness sector, has announced its financial results and future plans at its annual general meeting (AGM) on Monday. The company’s CEO, Scott Greasley, highlighted the achievements and challenges of the past year, as well as the opportunities and goals for the next year.

Key achievements in FY23

According to Greasley, Anagenics has laid the foundations for sustainable profitability through several strategic moves, including:

• Successful transaction and acquisition of BLC Cosmetics, a distributor of premium skincare and wellness brands, in July 2022.
• Appointment of new CEO Scott Greasley, who brings 15 years of experience in building and integrating market-leading profitable businesses both pre and post M&A activity, in August 2022.
• Proactive cost reduction initiatives, such as consolidation of warehouses and transitioning Advangen LLC to a distributor for Evolis, a hair loss prevention brand.
• Acquisition of Face MediGroup, a provider of non-surgical cosmetic treatments, in October 2022, which added 50% pro-forma revenue and provided scale to leverage the refined cost base.

Greasley also reported strong sales performance from key brands, such as Inika Organic, a vegan and organic makeup brand, and USPA, a natural skincare and spa brand, despite challenging macroeconomic trading conditions. He said that these brands have a loyal customer base and a strong online presence, which helped them to grow in the e-commerce and direct-to-consumer channels.

The company’s revenue and other income from continuing operations (excluding Japan) was up 26% in FY23 to $9.7 million, compared to $7.7 million in FY22. The company’s operating EBITDA losses narrowed by 27%, improving year on year under the revenue and cost savings strategies implemented. The company’s operating costs were down 27%, and its operating cash flow improved from -$2.2 million in FY22 to -$1.8 million in FY23.

Future plans for FY24

Greasley outlined the company’s growth strategy for the next year, which focuses on three main areas:

• Streamlining and simplifying platforms, such as IT, D2C, and B2B, to better service the customers and improve operational efficiency.
• Profiting from M&A, by proactively sourcing and executing earnings accretive deals that are aligned with the company’s vision and values.
• Growing brands, by investing in brand development and expansion, especially for USPA and Alpha H, a cult skincare brand, and engaging more with the hospitality and spa channel.

Greasley said that Anagenics is uniquely positioned to move quickly on opportunities that provide the ability to drive further operational efficiencies and build further revenue growth. He said that the company has clarity on the type of deals it is seeking and the team to quickly and effectively execute them. He also said that the company is looking for profitable and values-based businesses at the right price.

Greasley concluded his speech by thanking the shareholders, customers, suppliers, and staff for their support and trust in the company. He said that he is confident that Anagenics will continue to deliver value and growth in the health, beauty, and wellness sector.