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December 8, 2020

Australia ready-meals firm Youfoodz targets growth after IPO

Australia-based ready-meals business Youfoodz has revealed growth plans after successfully completing an IPO on the Australian Securities Exchange (ASX).

By Leonie Barrie

Australia-based ready-meals business Youfoodz has raised AUD70m (US51.9m) in an IPO on the Australian Securities Exchange (ASX).

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

The Brisbane business, established in 2012, said the money raised by going public will provide it with the funding to support its growth strategy.

Youfoodz, which specialises in the production and distribution of fresh, ready-made meals and other convenience food products, has an omni-sales strategy with more than 850,000 home-delivery consumers as well as retail and corporate clients.

It has relationships with some of Australia’s largest grocery chains.

It commenced trading on the ASX today (8 December) after completing its IPO, which attracted demand from domestic and international institutions, retail investors and existing shareholders. 

Youfoodz said it remains on track to meet its 2021 fiscal year forecasts, including net revenue of AUD149.9m.

Company founder, managing director and CEO Lance Giles said: “Today marks a significant milestone for Youfoodz and for our mission to make it easy for all Australians to access fresh and healthy ready-made meals with quality ingredients sourced from local growers.

“The successful IPO has provided us with funding and flexibility to support our growth strategy. Youfoodz’ growth strategy is focused on expanding our product offering across Australia and continuing to drive category growth in both the B2C and B2B segments of the fresh, ready-made meal market.”

Youfoodz added it is in discussion with developers to construct a new purpose-built manufacturing facility in Brisbane. The site will see manufacturing automation increase to unlock “operational efficiencies” for the business.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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