ASX-listed Marley Spoon rises as co sees capacity expansion, high demand boosting 2021 performance
10/12/2020 23:56
** Shares of Marley Spoon AG MMM.AX rise as much as 7.3%
to A$2.66, their highest since Nov 6
** The Germany-based meal-kit service provider says http://bit.ly/387Xl0v
it is increasing production capacity across markets to address
rising demand and consumer shift towards online shopping
** Possession of a new Sydney manufacturing centre in Q2
2021 will triple MMM's Sydney manufacturing footprint to 14,000
sq.m.
** MMM will also increase its manufacturing footprint in
California in 2021, tripling its current U.S. West Coast
manufacturing footprint to 12,000 sq.m.
** Reaffirms FY2020 revenue outlook on continued growth of
its subscriber base in early Q4
** MMM stocks up nearly 10-fold this year, as of last close,
on rising shift towards online shopping and increased demand for
its home-delivered meal kits during pandemic-induced lockdowns
(Reporting by Sameer Manekar in Bengaluru)
((Sameer.Manekar@thomsonreuters.com;))