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LONDON - Chill Brands Group plc (LSE:CHLL) reported an operating loss of £2.4 million for the six months ended September 30, 2024, according to a half-year report released Friday.
The consumer packaged-goods distribution company attributed the loss primarily to "exceptional costs" incurred during what it described as a period of corporate disruption. These costs included one-off legal and professional fees from advisers appointed by the former board between April 22 and June 3, 2024, funds paid to former directors, and legal expenses related to asset recovery actions.
The company had increased its cost base in anticipation of growth that failed to materialize during the period. Prior to the corporate disruption, Chill Brands had been preparing to scale its marketing and sales functions following a product rollout into the UK retail market during the previous financial year.
The company stated it does not expect a material change in sales during the six months following the interim reporting period, with commercial activity likely to remain "broadly in line" with first-half levels as it focuses on stabilization efforts and restructuring.
Chill Brands has established a new B2B sales and distribution division called "Chill Connect," which offers route-to-market services to FMCG brands. The company reported this division has secured its first retained clients and is generating recurring revenues through commissions and retainers.
Since the end of the reporting period, the group has regained control of its chill.com digital asset, raised £1 million in new capital, and restored commercial operations, according to the press release.
The company also provided an update on its share trading suspension, which has been in place for over a year due to delays in financial reporting. Chill Brands stated it has now published both its audited accounts for the year ended March 31, 2024, and its interim results, and will submit a formal request to the Financial Conduct Authority to lift the suspension.
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