Me Today results for the six months ended 31 December 2024

Unaudited results announcement for the 6 months ended 31 December 2024

Results for announcement to the market
Name of issuer Me Today Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$3,738 64.2%
Total Revenue $3,738 64.2%
Net profit/(loss) from
continuing operations
$(2,432) 66.5%
Total net profit/(loss) $(2,432) 66.5%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend at this time
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
As at 31 December 2024
$0.0205
As at 30 June 2024
$0.0639
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the unaudited financial statements and press release
that accompany this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Stephen Sinclair
Contact person for this
announcement
Stephen Sinclair
Contact phone number 021 330 053
Contact email address stephen@metoday.com
Date of release through MAP

27 February 2025

Unaudited financial statements accompany this announcement.

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Me Today Limited


Unaudited Condensed Interim
Consolidated Financial Statements


For the six months ended 31 December 2024

Me Today Limited
Unaudited Condensed Interim Consolidated Financial Statements
For the six months ended 31 December 2024



2
Contents


Page
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
3
Consolidated Statement of Changes in Equity 4
Consolidated Statement of Financial Position 5
Consolidated Statement of Cash Flows 6
Condensed Notes to the Interim Consolidated Financial Statements 7
Company Directory 14

Me Today Limited
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the six months ended 31 December 2024




These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
3



6 months ended 6 months ended
31 Dec 2024 31 Dec 2023
Note(unaudited)(unaudited)
NZ$000 NZ$000
Revenue
4
3,7382,276
Changes in inventories of finished goods and work in progress(2,394)(1,213)
Selling and marketing expenses(1,063)(1,141)
Distribution expenses(366)(329)
Administrative and other operating expenses(1,958)(2,001)
Amortisation of customer relationship asset-(542)
Finance income43-
Finance expenses5(432)(326)
Loss before tax, fair value adjustments, restructuring and
impairment costs(2,432)(3,276)
Restructuring costs:
- fair value loss on biological assets-(350)
- write down of assets held for sale-(24)
- other restructuring costs-(150)
Impairment of customer relationship asset-(3,451)
Loss before income tax(2,432)(7,251)
Income tax (expense)/benefit--
Loss for the period attributable to owners of the company(2,432)(7,251)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations98(54)
Total comprehensive loss for the period attributable to
owners of the company
(2,334)(7,305)
Earnings/(loss) per share:
Basic and diluted loss per share (NZ$)7(0.045)(0.470)

Me Today Limited
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2024




These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
4

Share Accumulated
Foreign
currency
translationTotal
capitallosses reserveequity
NZ$000 NZ$000 NZ$000 NZ$000
At 1 July 2023 (audited)52,381(40,379)(69)11,933
Total comprehensive income
Loss attributable to owners of the company-(7,251)-(7,251)
Exchange differences on translation of foreign operations--(54)(54)
At 31 December 2023 (unaudited)52,381(47,630)(123)4,628
At 1 July 2024 (audited)55,333(51,655)(72)3,606
Total comprehensive income
Loss attributable to owners of the company-(2,432)-(2,432)
Exchange differences on translation of foreign operations--9898
At 31 December 2024 (unaudited)55,333(54,087)261,272

Me Today Limited
Consolidated Statement of Financial Position
As at 31 December 2024


These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
5


These financial statements were approved by the Board on 28 February 2024.
Signed on behalf of the Board by:



Grant Baker Stephen Sinclair
31 Dec 2024 30 June 2024
Note(unaudited)(audited)
NZ$000 NZ$000
ASSETS
Current assets
Cash and cash equivalents1,6272,837
Trade and other receivables1,8721,760
Inventory13,45214,518
Taxation receivable4421
16,99519,136
Assets classified as held for sale164241
Total current assets17,15919,377
Non-current assets
Property, plant and equipment1,4991,637
Right-of-use assets198314
Intangible assets156134
Total non-current assets1,8532,085
Total assets19,01221,462
LIABILITIES
Current liabilities
Trade and other payables1,8292,060
Lease liabilities232326
Borrowings89,9211,000
Total current liabilities11,9823,386
Non-current liabilities
Deferred tax2-
Lease liabilities56100
Borrowings85,70014,370
Total non-current liabilities5,75814,470
Total liabilities17,74017,856
Net assets
1,2723,606
EQUITY
Share capital55,33355,333
Accumulated losses(54,087)(51,655)
Foreign currency translation reserve26(72)
Total equity
1,2723,606

Me Today Limited
Consolidated Statement of Cash Flows
For the six months ended 31 December 2024



These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
6

6 months ended6 months ended
31 Dec 2024 31 Dec 2023
Note(unaudited)(unaudited)
NZ$000 NZ$000
Cash flows from operating activities
Receipts from customers4,3072,525
Payments to suppliers and employees
(5,376)(4,446)
Interest received43-
Income tax (paid)/refunded(21)-
Net cash used in operating activities
10
(1,047)(1,921)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
4149
Proceeds from sale of assets held for sale
77124
Payments for intangibles
(22)(11)
Payments for property, plant and equipment
-(10)
Net cash used in investing activities59252
Cash flows from financing activities
Proceeds from bank borrowings
151-
Interest paid on borrowings
(324)(217)
Payment of lease liabilities
(139)(125)
Interest paid on lease liabilities
(8)(9)
Net cash flows from financing activities(320)(351)
Net (decrease)/increase in cash and cash equivalents(1,308)(2,020)
Cash and cash equivalents at the beginning of the period2,837913
Effect of foreign exchange rates98(54)
Cash and cash equivalents at the end of the period
1,627(1,161)
Cash and cash equivalents consist of:
Cash at bank1,373(1,161)
Funds held in trust with the Group's solicitor254-
1,627(1,161)

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2024


7
1. General information
Me Today Limited (‘the Company’) is a limited liability company incorporated and domiciled in New
Zealand.
The condensed interim consolidated financial statements presented are for Me Today Limited and its
subsidiaries (together ‘the Group’).
The Group:
 produces, sells, and markets health and wellbeing products or acts as an agent on behalf of other
health and wellbeing suppliers; and
 produces and distributes premium mānuka honey.
2. Basis of preparation
These unaudited condensed interim consolidated financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting Practice (‘NZ GAAP’), with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial Reporting (‘NZ IAS 34’), with International
Accounting Standard 34: Interim Financial Reporting (‘IAS 34’), and with the requirements on the NZX
Main Board Listing Rules.
Me Today Limited is a company registered under the Companies Act 1993 and an FMC reporting entity
under the Financial Markets Conduct Act 2013. The Company is listed on the NZX Main Board.
The condensed interim consolidated financial statements do not include all of the notes of the type
normally included in an annual financial report. Accordingly, this report should be read in conjunction with
the financial statements included in the annual report for the year ended 30 June 2024 which have been
prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (‘NZ
IFRS’) and International Financial Reporting Standards (‘IFRS’).
The condensed interim consolidated financial statements are presented in New Zealand dollars which is
the Company’s functional and presentation currency, rounded to the nearest thousand dollars.
Certain comparative information has been adjusted to be consistent with the presentation in the current
period.
The condensed interim consolidated financial statements are unaudited. The comparative information as
at 30 June 2024 is audited.
2.1. Basis of measurement
The condensed interim consolidated financial statements have been prepared on a historical cost basis.
2.2. Going concern
The interim consolidated financial statements have been prepared on a going concern basis, which
assumes that the Group has the intention and ability to continue its operations for the foreseeable future.
The Group incurred an after-tax loss of $2.4 million in the 6 months to 31 December 2024 (6 months to
31 December 2023: $7.3 million loss). The Group’s net cash outflows from operating activities during the 6
months was $1.0 million (6 months to 31 December 2023: $1.9 million net cash outflow).
At the reporting date the Group had fully drawn down $2.6 million of its bank overdraft facility (30 June
2024: $2.5 million drawn down), had working capital of $5.2 million (30 June 2024: $16.0 million) and net
assets of $1.3 million (30 June 2024: $3.6 million). The Group had bank loans of $7.3 million (30 June
2024: $7.3 million) and a subordinated note payable of $5.7 million (30 June 2024: $5.6 million).
The Group continues to work closely with its bank, the Bank of New Zealand (‘BNZ’). The BNZ is
continuing to provide financial support to the business through term loan and overdraft facilities (refer
note 8). The Group is currently in discussions with the BNZ regarding new funding terms. While it is in this
period of negotiation the bank borrowings are repayable on demand and have been classified as current

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2024


8
liabilities. Once the negotiations are concluded the Group expects to reclassify the relevant portion of bank
borrowings back to non-current liabilities.
As disclosed in the 2024 Annual Report, during the 2024 financial year the Group agreed new borrowing
arrangements with the BNZ which ring fenced the Me Today business from the King Honey business while
the Group seeks to sell the King Honey business. To this end, the BNZ has agreed that Me Today Limited
is removed from the previous debt security group security arrangements noted below, except for an
amount of $2.25 million. The Board have assessed the ability of both the Me Today business and the King
Honey business to continue as a going concern.
The Board is considering a capital raise. The terms of the capital raise are still to be confirmed. Several
parties have expressed an interest in investment in the Company and founding shareholders, Grant Baker
and Stephen Sinclair have indicated that they would support the new capital raise. The amount of the
support has not been indicated at this stage and it would be agreed once the details of the raise were
confirmed. The Board intends to use any funds raised to support the Me Today business. The Board are
confident that sufficient funding would be received from a capital raise to meet a potential forecast shortfall
in the Me Today business’s cashflows.
The Group has previously advised shareholders that it intends to sell the King Honey business.
Discussions have continued with an interested party however no formal offer has been received for the
business.
Trading for the King Honey business continues to remain challenging. The company continues to have a
good dialogue with its major customer in China however demand for mānuka honey for their brand
remains low. The customer has invested further in the brand and is expanding the product range.
However, they remain cautious in respect to their levels of mānuka honey inventory.
The Group continues to reduce costs in response to the challenging market conditions. The Group are in
ongoing discussions with the lenders to the King Honey business in respect to the challenging trading
conditions and King Honey will continue to review its overall cost structure.
Notwithstanding the ongoing performance of the business, the Directors are satisfied that based on their
review of the Group’s current financial forecasts for both the Me Today and the King Honey businesses,
the continued support of the BNZ and the opportunity for a further capital raise, that, during the 12 months
after the date of signing these consolidated financial statements, there will be adequate cash flows
available to meet the financial obligations of the Group as they arise. The Directors acknowledge that
whilst the Group continues to build commercial relationships with new and existing customers future
looking forecasts are inherently uncertain. The Directors consider the Group’s current cash balances and
the indicated support for a capital raise, provide it with sufficient headroom should it be required if sales or
cash forecasts are not achieved.
The considered view of the Board is that, after making due enquiries and considering relevant factors,
there is a reasonable expectation that the Group will have access to adequate resources and
commitments from its borrowers and shareholders, that will enable it to meet its financial obligations for
the foreseeable future.
For this reason, the Board considers the adoption of the going concern basis in preparing the consolidated
financial statements for the 6 months ended 31 December 2024 to be appropriate. The Board has reached
this conclusion having regard to circumstances which it considers likely to affect the Group during the
period of at least one year from the date of approval of these consolidated financial statements, and to
circumstances which it considers will occur after that date which will affect the validity of the going concern
basis.
The consolidated financial statements incorporate the financial statements of its subsidiary King Honey as
a going concern. Should the Group not be able to sell the King Honey business and King Honey not
generate adequate cashflows, the Board may decide to fully wind down the King Honey operations. If this
were to occur adjustments may have to be made to the financial statements of King Honey to reflect the
situation that assets may need to be realised other than in the amounts at which they are currently
recorded in the Consolidated Statement of Financial Position. In addition, the Consolidated Statement of
Financial Position may have to provide for further liabilities that might arise on the wind up of King Honey.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2024


9
2.3. Discontinued activities
As noted in 2.2 above, the Group has previously announced that it was working to sell the King Honey
Limited ('King Honey') subsidiary. NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Activities
requires the sale of a disposal group, such as King Honey, to be highly probable in order to be classified
as held for sale. The Board have assessed the guidance of highly probable in NZ IFRS 5 and continue to
consider that, in their judgment, currently the potential sale of King Honey does not meet the criteria to be
classified as held for sale.
The classification of whether King Honey should be held for sale fundamentally alters the disclosure of the
operations of the King Honey subsidiary in the Consolidated Statement of Financial Performance,
Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows.
3. Changes in Accounting Policies
There have been no changes in the material accounting policies and methods of computation used in
preparing the condensed interim consolidated financial statements compared to those used in preparing
the audited consolidated financial statements for the 12 months ended 30 June 2024. For details of the
accounting policies for the 12 months ended 30 June 2024 please refer to the 2024 Annual Report.
4. Revenue

The details above disaggregate the Group's revenue from contracts with customers into primary markets,
and major product and service lines.
Revenue was generated from the following geographical regions.


Revenue is allocated geographically based upon the jurisdiction in which the revenue is recognised for
taxation purposes.
6 months ended 6 months ended
31 Dec 2024 31 Dec 2023
(unaudited) (unaudited)
NZ$000 NZ$000
2,3861,431
Less marketing services provided by customers(542)(609)
Revenue from sale of health and wellbeing products1,844822
Revenue from sale of honey products1,5871,150
Revenue from agency services307304
Total revenue3,7382,276
Revenue from sale of health and wellbeing products before marketing
services provided by customers
6 months ended 6 months ended
31 Dec 2024 31 Dec 2023
(unaudited) (unaudited)
NZ$000 NZ$000
2,8941,503
USA765702
Europe7971
Total revenue3,7382,276
New Zealand

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2024


10
5. Expenses
The loss for the period includes the following expenses.



6. Segment information
The Group:
• produces, sells, and markets health and wellbeing products (‘Me Today brand’ segment) or acts as
an agent on behalf of other health and wellbeing suppliers (‘Agency services’ segment); and
• produces premium manuka honey (‘King Honey’ segment).
Head office expenses include management salaries and costs related to the NZX listing.

6 months ended 6 months ended
Note
31 Dec 2024 31 Dec 2023
(unaudited) (unaudited)
NZ$000 NZ$000
Salaries(937)(1,018)
Employer Kiwisaver contributions(35)(36)
Directors' fees(50)(118)
Depreciation and amortisations:
Depreciation of property, plant and equipment(133)(239)
Depreciation of right of use assets(116)(94)
Amortisation of customer relationship asset-(542)
Amortisation of other intangible assets-(1)
(249)(876)
Depreciation and amortisation are allocated as follows:
Capitalised to biological WIP-150
Included in the operating loss(249)(726)
Finance expenses:
Interest on lease liabilities(8)(9)
Interest on borrowings(424)(318)
(432)(327)
Finance expenses are allocated as follows:
Capitalised to biological work in progress-1
Included in the operating loss(432)(326)
Me Today AgencyKingHeadInterTotal
brand servicesHoneyoffice segment
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
2,3863071,587--4,280
(542)----(542)
Total external revenue1,8443071,587--3,738
Total inter-segment revenue--328-(328)-
Total revenue1,8443071,915-(328)3,738
Total operating EBITDA(805)(36)(424)(529)-(1,794)
Finance income--142-43
Finance expenses(335)(97)-(432)
Depreciation and amortisations(2)(1)(199)(47)-(249)
Net loss before taxation(807)(37)(957)(631)-(2,432)
Income tax benefit------
Net loss for the year(807)(37)(957)(631)-(2,432)
6 months to 31 December 2024
Revenue before marketing services
provided by customers
Less marketing services provided by
customers

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2024


11

‘Operating EBITDA’ is used by the Board to measure the underlying performance of segments before
interest, tax, depreciation, amortisation, fair value adjustments, restructuring and impairment costs. The
‘Operating EBITDA’ measure is stated after depreciation and amortisation capitalised to biological WIP.



The ‘Me Today brand’ segment was previously named ‘Sale of goods’ and the “King Honey’ segment was
previously named ‘Honey’. These segments were renamed to better describe the nature of their
operations. There has been no change to the operations that are included in these segments.
The Group has identified its operating segments based on the internal reports reviewed and used by the
Chief Operating Decision Maker (‘CODM’), being the Board of Directors, in assessing the Group’s
performance and in determining the allocation of resources.
6.1. Seasonal and cyclical influences
There are no seasonal or cyclical influences on operations.

Me Today AgencyKingHeadInter Total
brand servicesHoneyoffice segment
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
1,4313041,150--2,885
(609)----(609)
Total external revenue8223041,150--2,276
Total inter-segment revenue-
Total revenue8223041,150--2,276
Total operating EBITDA(674)(134)(765)(651)-(2,224)
Finance expenses--(322)(4)-(326)
--(542)--(542)
Depreciation and amortisations(4)(1)(131)(48)-(184)
Restructuring costs:
- fair value loss on biological assets--(350)--(350)
- write down of assets held for sale--(24)--(24)
- other restructuring costs--(150)--(150)
--(3,451)--(3,451)
Net loss before taxation(678)(135)(5,735)(703)-(7,251)
Income tax benefit------
Net loss for the year(678)(135)(5,735)(703)-(7,251)
Revenue before marketing services
provided by customers
Less marketing services provided by
customers
Amortisation of customer relationship
asset
Impairment of customer relationship asset
6 month ended 31 December 2023
Me Today AgencyKingHeadTotal
brand servicesHoneyoffice
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Segment assets3,87624810,9622,29917,385
Segment liabilities61220711,7163,57816,113
Me Today AgencyKingHead Total
brand servicesHoneyoffice
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Segment assets3,96257614,5282,39621,462
Segment liabilities94215014,1242,64017,856
As at 30 June 2024
As at 31 December 2024

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2024


12
7. Earnings per share

At 31 December 2024, there were no financial instruments that carried any shareholder dilution rights that
were considered to be dilutive (31 December 2023: none).
8. Borrowings

The Group has borrowings of $9.92 million with the Bank of New Zealand (BNZ) and a subordinated note
payable to the Jarvis Trust of $5.7 million.
As noted in note 2.2, the Group is currently in discussions with the BNZ regarding new funding terms.
While it is in this period of negotiation the bank borrowings are repayable on demand and have been
classified as current liabilities. Once the negotiations are concluded the Group expects to reclassify the
relevant portion of bank borrowings back to non-current liabilities.
9. Related parties
9.1. Directors
During the period the directors of the Company were Grant Baker (Chairman), Hannah Barrett, Roger
Gower, Michael Kerr, Richard Pearson (resigned 26 September 2024), Stephen Sinclair and Antony
Vriens.
9.2. Key management personnel compensation
Key management personnel compensation is set out below. The key management personnel are all the
directors of the Company.
6 months ended 6 months ended
31 Dec 2024 31 Dec 2023
(unaudited) (unaudited)
Basic and diluted earnings/(loss) per share (NZ$)(0.045)(0.470)
Loss from continuing operations (NZ$000)(2,432)(7,251)
54,32015,438
The losses and weighted average number of ordinary shares used in the calculation of loss per share are as
follows:
Weighted average number of ordinary shares used in the calculation of
basic and diluted earnings per share ('000)
31 Dec 202430 June 2024
(unaudited)(audited)
NZ$000 NZ$000
Secured borrowings at amortised cost
Banks overdraft2,6372,486
Banks loans7,2847,284
Subordinated note5,7005,600
15,62115,370
Current9,9211,000
Non-current5,70014,370
15,62115,370

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2024


13
Directors were paid directors’ fees of $50,000 in the 6 months to 31 December 2024 (6 months to 31
December 2023: $117,500). $70,313 was payable to the independent directors at 31 December 2024
(30 June 2024: $nil), $37,500 payable in cash and $32,813 payable through the issue of shares in the
Company.
A company owned by Stephen Sinclair received $62,500 in consulting fees (6 months to 31 December
2023: $62,500).
Michael Kerr received total remuneration of $141,667 (6 months to 31 December 2023: $117,372).
10. Reconciliation of loss after taxation with cash flow from operating activities

11. Contingent liabilities
There are no contingent liabilities as at 31 December 2024 (30 June 2024: nil).
12. Commitments
There were no capital commitments at 31 December 2024 (30 June 2024: nil).
13. Events subsequent to reporting date
There have been no material events subsequent to the reporting date that require adjustment to or
disclosure in the consolidated financial statements.

6 months ended6 months ended
31 Dec 2024 31 Dec 2023
(unaudited) (unaudited)
NZ$000 NZ$000
Net loss after taxation(2,432)(7,251)
Adjustments for:
Depreciation and amortisation249334
Amortisation of customer relationship asset-542
Interest on lease liabilities89
Interest on borrowings424317
Impairment of customer relationship asset-3,451
Fair value loss on biological assets-350
Write down of assets held for sale-24
Movement in deferred tax2-
Other non-cash based movements-20
Movements in working capital
(Increase) / decrease in trade and other receivables(106)312
(Increase) / decrease in inventory1,061535
(Increase) / decrease in biological work in progress-(576)
(Increase) / decrease in taxation receivable(23)(2)
Increase / (decrease) in trade and other payables(230)14
Net cash outflows from operating activities(1,047)(1,921)

Me Today Limited
Company Directory
As at 31 December 2024



14

Registered Office
Level 1, 25 Broadway
Newmarket
Auckland
New Zealand

Postal Address
PO Box 109047
Newmarket
Auckland 1023

Bankers
BNZ
Deloitte Building
80 Queen Street
Auckland 1010
New Zealand

Lawyers
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand

Auditor
BDO Auckland
4 Graham Street
Auckland
New Zealand

Share Registry
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland

PO Box 92119
Auckland 1142

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1

27 February 2025
Me Today Ltd announces six-month results recording revenue
growth and reduction in trading losses

 Results for the six months ended 31 December 2024 show revenue
growth of 64% for the Group.
 Me Today gross branded and agency revenue grows 55% from $1.74m
to $2.69m for the half year.
 Me Today gross branded and agency revenue to exceed $5.0m for the
full year ended 30 June 2025.
 China partner meets performance hurdle and exercises option to take
partial ownership in China trademark.
Me Today Limited (NZX: MEE) has released its unaudited Group results for the six months ended
31 December 2024.
Results show Group revenue of $3.7m an increase of 64% compared to $2.3m for the six months
ended 31 December 2023, and a loss after tax of $2.43m, compared to a loss of $7.25m in the six
months in the year prior. The operating EBITDA loss for the period is $1.79m a decrease of 19% on
the loss of $2.2m for the same period last year.
Further explanation of the result is included below, with a reconciliation of the costs that account for
the difference between operating EBITDA and the net loss after tax.
Gross revenue for the Group, before the costs of marketing services provided by a customer, was
$4.28m. This was split between King Honey at $1.59m, Me Today branded sales of $2.39m and
agency services revenue of $0.3m.
The Group remains in discussions with the prospective purchaser of the King Honey business
however there is uncertainty as to whether a transaction will conclude. The lenders of the King
Honey business remain supportive at this time and the Group remains in discussions with them in
respect to debt structure of the business moving forward. Once the terms of the debt structure have
been agreed or a sale concludes an update will be provided to the NZX.
Separate to the discussions relating to the King Honey business sale the Group is considering a
capital raise to support continued growth of the Me Today brand. The terms and the amount of the
capital raise are still to be confirmed, and further details will be provided once the plans are
finalised.
Me Today Brand performance and China Licensing update
Me Today China brand Licensing Agreement
As advised previously Me Today signed a full suite of commercials agreements with a large Chinese
Sports Nutrition Company. The licence agreements provide for payment of a licencing fee over a
period of 10 years to Me Today based on revenue earned in Greater China by the licensor. The

2

agreements also allow for the licensor to progressively acquire up to 50% of the greater China
trademark should they achieve certain revenue targets.
We are excited to announce that we have received a notice from our licence partner advising they
have achieved sufficient revenue to enable them to take ownership of 20% of the Me Today brand in
China. Once Me Today has completed verification of the notice it will transfer 20% of the ownership
of the Greater China Trademark to the Chinese partner.
The partner has been very active in promoting Me Today across the Chinese TikTok platform Douyin.
During the past six months Me Today has taken part in a number of Live Streaming events in
partnership with famous influencers such as Liu Yuan Yuan, Momo and Li Xiao Meng. The activations
have been very successful for the brand in China by creating large sales and a significant increase in
brand profile. The profile spreading into other international markets as well as influencing sales
activity in New Zealand.
The licence fee payable to Me Today was set as a fixed fee in year one and in year two onwards it is
payable as a percentage of revenue. The first-year finishes on 31 March 2025, so the positive impact
of revenue-based licence fee will flow into the 2026 financial year.
Me Today is working closely with the Chinese partner in setting plans for 2025 and beyond. Given
the impressive start to the partnership, we expect the brand to continue to grow in the Chinese
market.
The arrangement is an exciting partnership for the Me Today brand which, as well as creating new
revenue and increasing global brand visibility it is also helping to access new product development
concepts. The supply chain capability of our partner is significant, and we are leveraging
manufacturing benefits from economies of scale, including more competitive pricing on bulk raw
materials.
Me Today Brand Trading Update
Gross revenue for the Me Today brand and the agency business for the six months was $2.69m, an
increase of 55% on the same period last year. Gross revenue is revenue before the costs of
marketing services provided by customers of $0.54m. The costs of marketing services provided by
customers in this half are down on the spend in the last half of $0.61m. The operating EBITDA loss
for the brand was $0.84m, a small increase on the operating EBITDA loss in the last half of $0.81m.

The business continues to focus on growing revenue and reducing costs while continuing to spend
on the brand in a more targeted way. This strategy will continue for the remainder of the FY25 year
with the business expecting full year gross revenue for the Me Today brand and agency business to
exceed $5.0m and the operating EBITDA loss to be less than $1.6m.

The New Zealand market share continues to grow with increased brand presence through marketing
activity above the line and expanded shelf presence within the New Zealand pharmacy channel. The
expanded shelf presence rolled into the New Zealand market from October 2024 has created a lift in
sales.

Outside of New Zealand the brand continues a targeted strategy with the Chinese partnership being
the biggest opportunity.

Other international activity in this reporting period can be summarized as follows.

3



USA
The USA market continues to grow with a focus on both offline and online channels. A new online
partner has been appointed with additional growth in sales being achieved post the appointment.
Focus remains on growing revenue in the USA online business. We expect sales to exceed $500k in
the 2025 calendar year which will provide a platform for further growth in 2026. The online business
is complimented by offline sales where we target opportunities for sales of manuka honey through
the grocery channels that we have previously established. These channels have become more price
sensitive and selective given the surplus of manuka honey still available from New Zealand suppliers.

Japan

We have an established partner in the Me Today brand across manuka honey, Skincare and
Supplements. We have been building the sales channel with our Japanese partner and trialing new
format opportunities. Our partner has secured an opportunity to list Me Today in a large retail chain
in Japan. The focus is mainly through our new SuperHoney offering of multi floral manuka infused
with specific ingredients. We have secured sales orders for NZ$500k which are currently in
production and will ship during March 2025.

Other Markets

We continue to pursue opportunities and build on existing sales channels in Ireland, South East Asia
and the UAE. We will continue to work with our partners in those markets to grow the Me Today
brand.

King Honey and Manuka Honey
The revenue and operating EBITDA for the King Honey business in the period ended 31 December
2024 was as follows.

Revenue was $1.59m which was an increase of 38% on the six months to 31 December 2023 of
$1.15m.

The operating EBITDA loss for the King Honey business was $0.42m which was a decrease of 45% on
the operating EBITDA loss of $0.76m in the six months ended 31 December 2023. prior half.

The King Honey business has now completely closed its beekeeping operation and continues to focus
on cost cutting measures to further reduce cost where possible.

King Honey continues to look for opportunities to increase sales. Over the past few months, it has
delivered orders of NZ$1m into its Chinese partner. Half the order was shipped in the December half
year with the balance of the order being shipped in early March. Further discussions are underway in
China in respect to the forecast purchase plan for the coming 12 months. Discussions are also
underway with partners in Europe and the Company expects continued and increased sales from the
European market.

Sales through the Me Today brand also continue to grow with King Honey supplying manuka honey
to Me Today for sale through its network. These sales by Me Today assist King Honey to help reduce
its large holding of manuka honey inventory.

Other contract pack and OEM opportunities also continue to present themselves.

4


As described above the primary focus for King Honey is the sale of the business and discussions with
the lenders around agreeing a plan which provides for an appropriate debt structure moving
forward.

The Group remains committed to optimizing the performance of the King Honey business until a sale
or debt restructuring is achieved. The Group acknowledges the continued tough market operating
conditions within the manuka honey sector.
Half Year Results Further explained.
As explained above the Group Operating EBITDA loss for the six months was $1.79m which was a
decrease of 19% on the loss of $2.22m for the December 2023 half. The reconciliation from
operating EBITDA loss to the net loss for the half is shown below.
Dec 24 Dec 23
Me Today and Agency $(0.84m) $(0.81m)
King Honey $(0.42m) $(0.76m)
Head Office Costs $(0.53m) $(0.65m)
Total Operating EBITDA $(1.79m) $(2.22m)
Less other expenses
Net Finance Costs $0.39m $0.33m
Depreciation and Amortisation $0.25m $0.18m
King Honey related write downs $- $4.52m
Total Expenses deducted from EBITDA $0.64m $5.03m
Net loss for the half $2.43m $7.25m

The King Honey write downs related to costs associated with King Honey assets that did not occur
again in this half.

For further information, please contact:

Grant Baker
Chairman, Me Today Limited
021 729 800

Stephen Sinclair
CEO, Me Today Limited
021 330 053
stephen@metoday.com