Wellnex Life Ltd (AU:WNX) has released an update.
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Wellnex Life Ltd reported a revenue decline of 39.3% to $16.9 million and an increased loss of 6.4% to $14.7 million for FY24, attributed to strategic shifts including exiting low-margin brokerage services and acquiring Pain Away. Despite lower revenues, gross margins improved notably from 17% to 30%, and are expected to rise further in FY25. The company is preparing for a dual listing on the London Stock Exchange and anticipates strong revenue growth driven by new brands and expansion.
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