Australian food company Maggie Beer Holdings is aiming to quadruple sales to A$300m ($204.9m) in the next five years.

Recently appointed CEO Kinda Grange revealed the supplier’s updated strategy in an investor call today (14 June).

Grange said there is an addressable market totalling A$36.6bn for the company’s new targeted segments: food, culture and gifting.

Last month, the group revealed its forecast total revenue for the full year ending 30 June 2023 to be between A$70m and A$75m, compared to A$75.2m the previous year. The total revenue comprises Maggie Beer Products and the online hampers business Hampers and Gifts Australia, which Maggie Beer Holdings acquired in 2021 for A$40m.

The company’s trading EBITDA is forecast to drop from A$11.3m in FY2022 to between A$3.5m and A$4.5m.

Maggie Beer Holdings also announced it would persevere with its dairy business Paris Creek Farms, which it originally tried to offload back in 2021. In the presentation, Grange said Maggie Beer Holdings has “proven success” in dairy.

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After deeming Paris Creek as a non-core dairy business alongside St David Dairy last May, the company appointed advisers to sell both brands.

St David Dairy was snapped up by Goulburn Valley Creamery but Maggie Beer Holdings, named after the Australian celebrity chef who is also a non-executive director of the company, struggled to find a buyer for Paris Creek.

Today, Grange reportedly said the dairy business was an underutilised asset and would become a solid performer with some fresh investment, according to The Australian Financial Review.

“Consumer demand for premium dairy continues to grow,” she said. “With a small amount of investment, we can unlock a significant opportunity.”

Compared to last June, Maggie Beer’s share price has slipped from A$0.39 to A$0.14.

The Maggie Beer business was established by the celebrity chef and her husband Colin in the late 1970s in South Australia. They sold the gourmet foods business to the Sydney-listed Longtable group, and it later changed its name to Maggie Beer Holdings to “better reflect the principal brand of the company.”