Love Hemp Group has stated it is expecting to report total revenues of £3.6m for the financial year ending 30 June 2022, which it says represents revenues slightly ahead of management expectations.
The lower than expected financing earlier this year has resulted in significant reductions in marketing programmes, says Love Hemp. However, the company still experienced sales growth during the second half of the year.
The company’s revenue continues to be UK-centric with year-on-year growth delivered in major retail stores, showing revenue of £2.15m in FY22 up 19 per cent, compared to £1.78m in FY21.
Direct to Consumer (DTC) sales continue to be slow via the company’s own online channels, lovehemp.com and cbdoilsuk.com but have generated 7437 new customers. The company has stated that these sales represent 26 per cent of total revenue, down from a 59 per cent share of total revenue compared in FY21, with a new head of digital commerce having been appointed to help grow DTC sales.
However, it has also highlighted that it has sold 233,987 units, up 19 per cent from last year.
This year, Love Hemp had all 34 products added to the Novel Foods Register. As a result, it has agreed new major retail listings and anticipates launching a range of its products in these new stores and respective online platforms in Q4 of 2022.
Additionally, the company has advanced discussions with a number of other major retailers interested in stocking Love Hemp products.
Tony Calamita, CEO commented; “I am delighted that we have continued to expand our footprint with greater distribution into major retail stores and delivered record sales of product units so more consumers than ever are benefiting from our products.
“This has been achieved whilst undertaking a significant operational review and I am confident this growth will continue.
“The company plans to make Love Hemp more visible internationally and sales overseas provides a significant opportunity in the future. We are a dynamic and passionate brand that after some challenges is once again on a growth curve with the most powerful and influential brand partnerships in the sector. Now it is our time to really capitalise on the opportunity.”
In December 2021 Love Hemp was also awarded ‘Leading CBD brand 2021’ in the Commercial Cannabis awards organised by Global Health and Pharma. Love Hemp is also a nominated finalist for ‘Most Loved CBD brand’ in the World CBD awards due to take place in October 2022.
Over the next year, Love Hemp plans to invest further in product development and release numerous new products in both ingestible and topical formats.