Zamaz PLC (LSE:ZAMZ) has announced it is approaching break-even amid interim results that saw the e-commerce group report a jump in revenue and underlying profits.
EBITDA before exceptional items hit £77,603 in the six months to February 2023, Zamaz said in a statement, "far exceeding expectations" and marking a profit after a loss of £1.2mln in the year to August 2022.
Revenue more than doubled at the half-year mark, meanwhile, climbing from £1.7mln last full year to £3.5mln in the six months to February.
“The luxury foods division has had a level of success that was not anticipated,” chairman Martin Groak commented, after the group made three acquisitions in the sector during the period.
“In addition, there is a hedge to seasonality within the mix of products,” he added.
“Two of the divisions will have strong Christmas periods, whilst the third division, which produces luxury ice-creams, will peak in the summer months.”
Operating profit hit £10,479, following a loss of £250,000 in the first half of 2022, though pre-tax losses sat at £1.6mln due to the exceptional costs of listing on the London Stock Exchange in September.
“We have been able to capitalize on […] creating a portfolio of complementary luxury food brands that have shown great appeal to consumers in Europe and internationally,” chief executive Daniele Besnati explained.
“We expect to continue to invest into more brand companies in the Luxury Food sector to build a well integrated luxury food brands group with an increasing competitive advantage.”