Sativa Wellness Group Announces Filing of Q1 2021 Financial Statements
Sativa Wellness Group announced its Q1 2021 financial results, achieving a 377% increase in revenue to £1.37m, marking its highest quarter since inception. Gross profit rose 234% to £707K, with a 50% reduction in adjusted EBITDA loss to £404K. The loss per share decreased by 63% to 0.30 pence. The Company also expanded into the wellness sector with 30 COVID testing clinics and submitted a Novel Food Application ahead of the deadline. Subsequent highlights include ISO accreditation for Phytovista Laboratories and private placement closures yielding C$4.6m.
- Revenue increased by 377% to £1.37m, the highest since inception.
- Gross profit rose by 234% to £707K compared to the previous year.
- Adjusted EBITDA loss reduced by 50% to £404K.
- Loss per share decreased by 63% to 0.30 pence.
- Successful rollout of 30 COVID testing clinics expanding market presence.
- Phytovista Laboratories achieved ISO accreditation.
- Successful closure of private placements resulting in C$4.6m in gross proceeds.
- None.
VANCOUVER, BC / ACCESSWIRE / May 25, 2021 / Sativa Wellness Group Inc. (CSE:SWEL) ("Sativa Wellness" or the "Company") announced today it has filed financial statements and management's discussion and analysis. All amounts unless stated otherwise are presented in British Pounds (GBP).
The Company has maintained its presence within the CBD sector producing both quality isolate and distillate in Poland for the CBD market as well as continuing to produce a range of quality end products through its ‘Goodbody' brand in the UK.
The Company also exceeded the targets set to meet its ambition of diversifying within the Wellness sector through the rollout of 30 COVID testing clinics. This has proved the strategy which will be built upon over the rest of the year.
Q1 2021 Highlights:
- Revenue up
377% . Earned £1.37m revenue, £1.02m more than the equivalent period the previous year, making it the highest revenue quarter since inception. - Gross profit up
234% . £707K compared to £212K in the prior year. - Adjusted EBITDA loss reduced by
50% . EBITDA adjusted for unrealized currency losses was £404K compared to £807K in the same period the previous year. - Loss per share reduced by
63% . 0.30 pence compared to 0.82 pence in the same period the previous year. - Novel Food Application Submitted. Submitted for validation by the Food Standards Agency ("FSA") ahead of the 31 March 2021 deadline.
Highlights Subsequent to Q1 2021:
- Announced Phytovista Laboratories Granted ISO Accreditation, the Group UK Laboratory, Phytovista Laboratories was granted accreditation to ISO/IEC 17025:2017, General requirements for the competence of testing and calibration laboratories achieved ISO17025
- Announced Goodbody Botanicals was listed on the UK government website to offer 2- and 8-day quarantine tests for travelers returning to the UK, offering a significant opportunity for the 30 COVID testing clinics.
- Announced the closure of the first tranche of its non-brokered private placement of 45,888,730 Units at a price of C
$0.07 875 per Unit for gross proceeds of C$3,613,737.49 - Announced the closure of the second tranche of its non-brokered private placement of 12,701,557 Units at a price of C
$0.07 875 per Unit for gross proceeds of C$1,000,247.61 - Announced the appointment of a new, highly experienced CEO - Marc Howells - to further support the business expansion program, and promotion of Anne Tew to the CFO role and Board.
Geremy Thomas, Executive Chairman, says; "These numbers and announcements are very satisfying and are a result of the changes made on my return. The direction of travel is clear. We have a new team and a clear focus on revenue growth. Q2 has started very strongly."
The Q1 2021 Financial Statements are available under the Company's profile on SEDAR at www.sedar.com.
The Directors of the Company accept responsibility for the contents of this announcement.
On behalf of the Board of Directors,
Marc Howells Chief Executive Officer Sativa Wellness Group Inc. +44 (0) 20 7971 1255 | Anne Tew Chief Financial Officer Sativa Wellness Group Inc. +44 (0) 20 7971 1255 |
Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release. This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Sativa's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" "plan is" or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur", "will be achieved" or "shortly". The forward-looking information and forward-looking statements contained herein include, but are not limited to information concerning the Financials Statements and plans to build on the financial strategy.
Although Sativa believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and Sativa does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
SOURCE: Sativa Wellness Group Inc.
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FAQ
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