The figure is up 160% from C$3.08 million reported for Q1 2020
Good Natured has reported C$8 million in revenue in the first quarter of 2021, up 160% from C$3.08 million reported for Q1 2020. The company’s gross margins for the quarter are anticipated to reach between 36% and 38%, compared to 36.3% reported for Q1 2020.
Vancouver-based Good Natured is a portfolio company of Eat Beyond Global Holdings, an investment issuer focused on the global plant-based and alternative food sector.
Founded in 2006, Good Natured is a continental provider of environmentally friendly products such as packaging and cutlery made without petroleum and free from BPAs, phthalates, and other chemicals of concern. The company has almost 400 products and services and nine manufacturing facilities. It exceeds 20,000 direct-to-consumer sales annually across the US and Canada and has had a compound annual growth rate of 153% over the last six years.
Paul Antoniadis, chief executive of Good Natured, said: “Our strong revenue growth performance was driven by our strategic acquisitions completed in 2020, Shepherd Thermoforming and IPF, while gross margin benefitted from product and customer revenue mix for the quarter. Despite disruptions in key markets from Covid-19 variants and extreme weather-related events in the southern US, our team and partners executed extremely well. We remain very optimistic on our organic growth prospects and acquisition opportunities.”
Eat Beyond chief executive Patrick Morris added: “We were drawn to Good Natured because their main objective is to significantly reduce the use of petroleum-based plastics by providing plant-based packaging options to consumer goods businesses in the food space. Good natured is positioned perfectly to fulfil the growing market demand for eco-friendly options, especially given the company’s flexible and scalable supply chain.”
“Eat Beyond remains bullish on its Good Natured investment given both its growth history and trajectory, The fragmented nature of the fast-moving consumer goods market means that a company like Good Natured is in a great position to continue to expand its revenue streams.”
Date published: 4 May 2021