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Highlights:
- Record growth in MyEco branded sales.
- Strong performance in council and waste management sector.
- Focus on expanding sustainable product offerings.
MyEco Group (ASX:MCO) has reported record-breaking sales figures for sustainable products, reaching $1.6 million in sales to retailers across Australia and the United States during the second quarter of FY25. This represents a remarkable 155.8% increase compared to the same period last year and a 75.2% growth quarter-on-quarter.
Expansion in Global Sales and Waste Management
The company achieved total sustainable product sales of $4.1 million for Q2 FY25, marking a 32% year-on-year increase. The record-breaking quarter was largely driven by strong growth in MyEco-branded global sales and council and waste management sales.
Notably, growth initiatives have resulted in $500,000 in sales within the US market. Collaborations with distributors like Jewett Cameron Company have boosted sales, supplying major retailers such as Costco.com and Costco Mexico.
Ritchies IGA Continues to Drive Momentum
MyEco Group's launch of compostable carry bags in 80 Ritchies IGA stores earlier in FY25 continued to gain momentum, leading to even stronger sales in Q2. Advanced orders worth $600,000 have been received for Q3, showcasing the growing demand for sustainable retail solutions.
Council and Waste Management Sales on the Rise
In Q2 FY25, sales in the council and waste management sectors increased by 55.1% compared to the corresponding period last year. The nationwide expansion saw MyEco Group servicing 56 councils, with significant projects like the Ballarat Council tender expected to add $900,000 in revenue in Q4 FY25.
Focus on Resin Capacity and Sustainable Products
While resin sales experienced a downturn, MyEco Group plans to focus on manufacturing MyEco-branded products. This strategic focus aims to support continued growth, with plans to develop new resin grades for the expanding market of sustainable products.
Despite a decrease in sustainable film sales, MyEco Group is targeting the sustainable pallet and magazine wrap markets, with trials currently underway with several potential customers.
Outlook and Strategy
MyEco Group anticipates continued growth in the second half of FY25, leveraging its integrated supply chain for resin, film, and bags. By developing partnerships and expanding its product range, the company aims to achieve a balance of growth and efficiency.
The article was created in cooperation with MyEco Group and they were a Stockhead advertiser at the time of publication. Readers are encouraged to seek independent advice for any financial decisions.
