Maggie Beer’s very difficult year, with personal health issues and ongoing grief over the death of her daughter, has taken a turn for the worse again, with her company posting a $28.2 million loss.
In August, Ms Beer was rushed to hospital after a fall at her Barossa Valley home left her with fractures and bruising.
At the time, a family member posted online that ‘Col, her husband, was there and is now in the excellent hands of his doctors, who are confident he will make a full recovery. It may just take a while.
Earlier this month, the celebrity chef, 79, posted a video on Instagram revealing that she was slowly recovering and hoped to be back to normal soon.
Beer is also mourning the death of Saskia, the eldest of his two daughters, who died unexpectedly in her sleep in February 2020, aged just 46.
‘Nothing helps you overcome the rawness. “Nothing,” he said last year. ‘No one wants to experience this.
“The help is understanding that you never get over the pain, but rather it comes to your side and you move on with life, and eventually you find joy again.”
Maggie Beer Holdings, the gourmet food company where she is a director, lost its CEO Kinda Grange and CFO Craig Louttit in recent months.
Maggie Beer (pictured) has had a very difficult year, with personal health issues and ongoing grief over the death of her daughter.
The celebrity chef (pictured) posted a video on Instagram last week revealing she was slowly recovering and hoped to be back to normal soon.
And now it has announced a huge annual loss of $28.2 million.
The company said it would write down the value of Paris Creek, its milk and yogurt business, by $4.6 million and was considering selling it along with Hampers & Gifts, the online operation for which it paid $40 million in 2021. .
The huge loss came despite a 0.8 per cent rise in sales revenue to $89.3 million in the 12 months to June 30.
Sales growth was even greater for its Maggie Beer range of ice creams, cheeses, cooking broths and pâtés, which rose by 6.3 per cent.
The financial loss came from write-downs in the value of Hampers&Gifts, Paris Creek and legal costs.
The company’s shares have taken a big hit over the past two and a half years, falling from 58 cents in February 2022 to just 6.4 cents at the end of last week.
This has caused the company’s total value to plummet almost 90 percent, from $200 million to $23 million in that time.
Graeme Hughes, of Brisbane’s Griffith University, said the losses came despite Maggie Beer Holdings “having a strong brand reputation and loyal customer base”.
“Possible reasons for these struggles include excessive diversification, high costs, operating in a niche market and increasing competition from both established brands and new entrants to the gourmet food market,” Hughes told Daily Mail Australia on Tuesday. .
He said the company’s expansion into new areas such as lifestyle and garden products “may have diluted its focus on its core gourmet food offering.”
“In addition, the high prices of Maggie Beer’s products during the cost of living crisis could be limiting the company’s reach in the market and making it vulnerable in the economic crisis.”
Hughes said that although Australia’s gourmet food market is growing, it “remains a niche segment, which may make the company’s revenue stream susceptible to fluctuations.”
A family member assured Maggie Beer’s (pictured) legion of followers that she is in the best possible medical hands and will likely make a full recovery.
The company’s president, Sue Thomas, acknowledged that the results were disappointing.
“Maggie Beer Holdings has an absolute focus on returning the business to profitability and capitalizing on our two largest assets,” he said, referring to its “iconic Australian brand” and Hampers & Gifts.
Despite the enormous value placed on it by the company, Hampers & Gifts’ goodwill value (the value of a company’s reputation, brand and customer loyalty) was reduced by $13.7 million in the accounts published on Friday.
The company settled a legal dispute this year with the former owners over profit payments, the Australian Financial Review reported.
He had previously tired to sell his Paris Creek Farms premium milk and dairy business, but had been unable to get a high enough offer.
Maggie Beer (left) is pictured with her daughter Saskia, who died suddenly in her sleep at age 46 in February 2020.
Maggie Beer (pictured) has given fans an update on her health, almost two months after she was rushed to hospital following a horrific fall at her Barossa Valley home.
A family member took to Instagram to update fans on the 79-year-old chef’s progress following her fall.
Grange, who was CEO for 17 months before stepping down Aug. 13, maintained that Paris Creek Farms could become a much stronger player over time.
Under his leadership, Maggie Beer Holdings aimed to expand the business into lifestyle, entertainment and gardening products.
Two weeks after she resigned two months ago, the company also announced that Louttit had also stepped down as chief financial officer.
Ms Beer was paid $157,104 to be the company’s brand ambassador for the 12 months to June 30.
The business he started in 1979 with a shop next to his Pheasant Farm restaurant in South Australia’s Barossa Valley was sold to Longtable Group in two deals in 2016 and 2019.
In July 2020, Longtable Group changed its name to Maggie Beer Holdings “to better reflect the company’s core brand,” it said at the time.
For now, however, Beer is more focused on regaining her health.
“I have been so grateful and overwhelmed by the support I have received from the entire community, across Australia, and from friends and family,” she said in her Instagram video last week.
“I’ve come a long way, but I underestimated the severity of the injuries, so although I want to tell you how good I feel now, I still have a way to go.”
