LONDON, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Leading global health and wellness company H&H Group has announced financial results for the nine months ending 30 September 2023, reporting a positive overall result with its total revenue increasing by 11.9% year-on-year (YoY) on a reported basis (10.9% on a like-for-like (LFL) basis) to RMB10,278.4 million. Staying on course for its full-year 2023 targets, H&H's third quarter progress was primarily fuelled by robust sales in Adult and Pet Nutrition & Care in mainland China, Australia and New Zealand and North America, while the Baby Nutrition & Care segment continued to face market challenges, mainly in mainland China.
New H&H Group CEO Camillo Pane expresses satisfaction with H&H Group's performance through the first three quarters of 2023, confidently commenting as he steers the Group into its next growth phase:
“In the first nine months ending September 2023, the Group has achieved our targeted LFL net revenue growth and is on track for debt reduction in the short to medium term. As I take the helm of H&H into its next exciting chapter focused on growth, global expansion, and innovation - I'm encouraged by what I see. Our strong mix of iconic brands, a motivated team, a robust innovation pipeline, our sustainability programme and strategic focus on key categories position us well to become a global leader in premium wellness and nutrition, driving long-term profitability.”
The Group’s nutritional supplements revenue grew by 31.4% YTD 2023 on LFL basis and remains its strongest revenue generator, contributing 61.4% to total revenue, a clear endorsement of H&H’s strategic focus on its Baby, Adult and Pet Nutritional supplements. On the other hand, the Baby Nutrition & Care segment experienced a 9.7% decline during this period, largely due to industry challenges in mainland China. The Group has been strategically enhancing the international footprint of its IMF business by launching innovative products to build recognition and trust. This quarter, H&H rolled out 'Inostime' in France - a game-changing IMF series enriched with Lactopontin (LPN), a crucial component of breast milk.
H&H Group anticipates continued challenges in its BNC segment, while expecting a strong growth trajectory for its ANC and PNC segments, which consistently show sustained positive consumer acceptance. This positions the Group to achieve solid topline growth throughout 2023.
The full media release can be viewed here.
