LONDON, UK / ACCESSWIRE / December 13, 2021 / Love Hemp Group PLC (AQSE:LIFE) (OTCQB:WRHLF), the brand-led consumer goods company focussed on CBD health and wellness solutions, is pleased to announce its final results for year ended 30 June 2021 (“FY21” or the “Period”). A full copy of the results is available on the company website.
Financial Highlights
· Revenue of £4.33 million (FY20 £2.69 million unconsolidated and £1.69 million consolidated from date of acquisition)
· Gross profit of £1.25 million (FY20 £0.96 million from date of acquisition)
· Cash balance of £0.925 million following significant marketing investment aligned with corporate objective of establishing a strong brand led presence across multiple channels of retail, online and omni channels including wholesale distribution inclusive of £6.3 million pre-payments for marketing and licensing agreements
Operational Highlights
· Multiyear, category exclusive licensing agreement signed with the Ultimate Fighting Championship (“UFC”) with an additional opportunity to develop a “licensed range” of UFC CBD products
· Three-year endorsement agreement with Anthony Joshua OBE, two-time Heavyweight Champion of the World and Olympic gold medallist through which he became a shareholder of the Company
· High profile sponsorship and influencer agreement signed with Kamaru Usman, current UFC Welterweight Champion
· Announced intention to move to London Stock Exchange’s Main Market and process is progressing well
· Acquired new premises with capacity to manufacture up to 500,000 units of CBD products monthly
· Increased orders from Boots and Holland & Barrett in October 2020, along with an increase in orders from the Company’s online platform
Post-Period End Highlights
· Launch of virtual Love Hemp Amazon store on www.amazon.co.uk
· Establishment of international distribution partnerships ahead of launch in new territories including eCargo in Asia
· New Manchester office opened focused on marketing and new product development
· Launch of first national media campaign (the “Campaign”) starring Anthony Joshua OBE across TV, print and outdoor advertising in November 2021
· Campaign has already resulted in a significant number of new customers and increased revenue from returning customers buying direct from lovehemp.com as well as increased orders from major retailers
· 35% of orders in November 2021 were from new customers
· Revenue from major retailers including Boots and Holland & Barrett increased 65% in November 2021 compared to the average monthly revenue from retailers in the previous 10 months
· A week of Black Friday promotions in late November 2021 increased monthly revenue by 150% and 228% on September 2021 and October 2021 revenue respectively
· Early access to Black Friday promotions for existing customers resulted in 65% of November orders from returning customers
