Vinpai Reports 28% Increase in Half-Year Revenue

Vinpai, a specialist in algae- and plant-based functional ingredients for the food and cosmetics industries, announced its first half of 2024 results. The company reported a restated revenue increase of 28.2% compared to the first half of 2023, reaching €5.1 million. However, backlog was affected by an unfavorable economic trend, particularly for organic and natural products, leading Vinpai to delay its revenue targets of €16 million and EBITDA over 10% to 2026.

Despite economic challenges, CEO Philippe Le Ray highlighted the company's robust sales force and innovation capabilities. New product launches and strategic partnerships in high-potential export zones like India and Southeast Asia are expected to drive short-term growth. However, rising costs and unfavorable product mix led to a net loss of €1,276k, worsening from €781k in the same period last year.

As of September 30, 2024, Vinpai's cash position was at €184k, strengthened by an advance from a founding shareholder. The company is exploring other financing options and maintaining strict cost controls to meet its financial obligations by December 2024.

Looking ahead, Vinpai plans to launch new products like Vin’UV Protect in Q4 2024 and continue expanding its market reach, particularly in Asia. Despite the recent slowdown, the company remains confident in achieving its growth targets by 2026.