Meal kit delivery company My Food Bag has announced a strategic review into its business, ownership, and capital structure following a recent growth in profits.

The company’s latest financial reports showed half-year revenues of $85.4 million and an after-tax profit of $2.9 million. Both figures were up from the previous year.

“Over the past few years, My Food Bag has successfully stabilised its business, strengthened its balance sheet and returned to profitable growth while executing on its strategy in challenging economic conditions,” the company said in an NZX announcement.

“The board considers that now is an appropriate time to undertake a review, given that the company’s recent performance has yet to be reflected in the share price.”

The company added that it has appointed Cameron Partners as its financial advisor for the review.

My Food Bag’s board insisted that this process doesn’t guarantee a change in ownership; it said it is also considering simply continuing to grow the company in its current form. 

“My Food Bag will continue to keep shareholders and the market updated in accordance with its continuous disclosure obligations,” the statement ended.