Heritage Brands Limited (NSX:HBA) Half Year Report 31 January 2021

Sydney, Mar 30, 2021 AEST (ABN Newswire) - Heritage Brands Limited (NSX:HBA) delivered an improved result for the half-year ended 31 January 2021, with Earnings before Tax of $1.08m; a $1.4m improvement from the 2020 half-year results.

The improved results for the half-year reflects the success of pivoting the business to focus on growing its skincare and pure essential oils brands whilst minimising costs and trading exposure of its beauty brands including colour cosmetics and sunless tanning.

Heritage was able to deliver strong profit growth in a difficult retail market by:

- Restructuring the overheads of the business to be better aligned with the new sales reality;

- Renegotiating all trading terms with key retailers to ensure a more variable investment model plus withdrawing from any loss-making promotional activity;

- Fast tracking online e-commerce into international markets with a focus on our pure essential oils and skincare brands; and

- Realigning investment and improving margins within the colour cosmetics portfolio to ensure the brands are trading profitably.

With the ongoing pressures of Covid-19 and its effect on the retail market, the Company continues to monitor all aspects of the business heading into the second half. Our key focus will remain on our online / e-commerce sales, either via our retail partner's online stores, e-commerce dedicated marketplaces and to our own web sites to counter act the downturn in bricks and mortar retail.

To view the half year report, please visit:
https://abnnewswire.net/lnk/FC9WHMH2