Shares in US ingredients firm Balchem were down five per cent to $123.20 in the week ending April 29; shares in Marley Spoon were down 14.6 per cent to AU$0.41; and shares in Aker BioMarine were down 0.9 per cent to €54.
Shares in US ingredients firm Balchem were down five per cent to $123.20 in the week ending April 29, according to the Future Food Finance FoodTech Index.
The fall in share price came in the week when New York-based Balchem reported a jump in sales and profits in its Q1 earnings.
Balchem’s shares have been on the slide since late November 2021 when its shares were priced at $172.32.
It reported its figures on April 29 when its shares were priced at $123.20 and its shares were down to $122.14 the next day the markets were open.
Double-digit sales increases across all three of its units-Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products -helped sales grow 23.3 per cent on the year.
Net earnings were up 19 per per cent year-on-year to $28,930 in the quarter.
Highlights in the quarter, according to Balchem, were the publication of its Sustainability Report, which shows its progress in meeting its 2030 goals of cutting emission and water usage by 25 per cent.
It also highlighted that it has taken “meaningful steps” towards improving diversity, inclusion and belonging at Balchem.
Ted Harris, chairman, CEO, and president of Balchem said, “We are very pleased to have continued the strong momentum from 2021 into 2022. In the first quarter of 2022, we delivered all-time record sales, adjusted net earnings, and adjusted EBITDA in a very difficult macro-economic and geopolitical environment.”
In a busy week for FoodTech firms reporting figures, Marley Spoon also reported Q1 figures.
In the week it reported its figures, shares in Marley Spoon were down 14.6 per cent to AU$0.41.
Its shares have been on a downward path since April last year and they have fallen around 87 per cent since then when they were priced at Aus$3.1.
The meal kit delivery firm, which operates in Australia, the US and Europe, reported sales up 32 per cent to €103 in the quarter.
But Marley Spoon reported an EBIT loss of Aus$13.4m, down 74 per cent on the year, which it said was down to increased marketing costs.
Sales uplift at Marley Spoon was helped by sales growth year-on-year of 53 per cent in Australia and 36 per cent in the US but sales in Europe were down year-on-year, which was attributed to strong growth during Covid.
In the quarter, Marley Spoon launched its marketplace, which offers customers add-ons and complimentary food options.
And finally, shares in Aker BioMarine, the Norwegian fishing and biotech company which also reported Q1 figures, nudged down 0.9 per cent to €54.