Veganz - Reducing FY21 guidance
Veganz has reduced its FY21 guidance for both revenues and EBITDA. Revenues were lower than expected owing to the Omicron variant, which affected consumer spending in Q4, typically a seasonally strong quarter. Supply chain disruption, particularly on the packaging side, was also unhelpful. The EBITDA loss of €9.8m is wider than anticipated, primarily due to a delay in the payment of state subsidies for the new production site. This was caused by the state subsidies being oversubscribed and receipt of payment is now expected in 2022. We note there is enough liquidity to absorb the costs and hence it is only a timing issue. Also, IPO and bond placement costs were higher than the company forecast. On an underlying basis, the EBITDA loss was €5.3m (excluding subsidies and one-offs).
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