AFC Group Holdings faces challenges, reports revenue decline

AFC Group Holdings (NZX:AFC) is undergoing its audit for the financial year ending 31 March 2025, with the auditor evaluating its ability to continue as a going concern. The company reported revenue of NZ$741 thousand, a 44% decrease compared to the prior financial year. This downturn impacted all business segments, with overseas wine sales experiencing the sharpest drop at 62%. AFC Group produced a net loss of NZ$185 thousand, a stark contrast to the net profit of $54 thousand in the prior comparable period. The company will not distribute dividends. As of the end of the financial year, the unaudited net assets were NZ$244 thousand, cash and cash equivalents were NZ$4 thousand, and fixed assets totalled NZ$1,455 thousand. Market capitalization was reported as NZ$3.66 million. The company is actively addressing challenges and exploring new business opportunities. AFC expects to release its Annual Report before the end of June and hold its Annual Meeting in early September 2025.