2024-10-28
Helene Nielsen, CEO of DUG Foodtech, talks about the company's products and the transformation that has taken place in the business. Helene also answers how the capital from the upcoming rights issue will be used, and what growth ambitions the company has.
What foods does DUG sell and what are the benefits of your products?
We sell a plant-based milk drink based on Potatoes. DUG Original, DUG Barista and DUG Unsweetened.
The advantage of DUG is that it is lactose-free, gluten-free, low in sugar and neutral in taste. Works great in coffee and in all cooking.
How did the idea to make a milk drink based on potatoes come about?
Potato protein is the vegetable protein that most closely resembles animal protein. Potatoes grow almost everywhere and have many benefits. Free from allergens identified by the Swedish Food Agency.
How do you perceive the response from consumers who have tested your products?
WOW!!
The most "milk-like" vegetable drink! Tastes good, is neutral in flavor. White as milk!
Can you tell us a little about the transformation of the company and what has happened in the past year?
Since October 2023, we have cut costs by closing our operations in the UK. Reduced consulting assignments. We have developed a new graphic profile, a new packaging that is much more consumer-friendly and appealing to the user. The recipe has been further upgraded, we have reduced the sugar content after feedback from Baristor and consumers.
What are your ambitions regarding growth and achieving profitability?
In the latest communication, we have revised our target to 80 million in 2025. We see 2024 as our transformation year and we expect to become profitable in 2025.
With the capital from the upcoming rights issue, what will be the focus going forward?
Continued high focus on sales and marketing activities in the Grocery Store and in the Coffee Channel, launches in Sweden and in Europe where we are already underway.
We will need working capital for production as sales start.
The company is capital-efficient and we work to keep costs down.
What do you think is the strongest argument for participating in the rights issue?
We are a company for the future! The climate transition will require products that DUG Foodtech can offer and provides today.
Our technology platform enables sales in a global market.
A short production process, few ingredients and a unique sustainability profile allow us to scale up in many markets at the same time.
What are your hopes for 2025?
Our growth journey begins!
We thank Helene Nielsen for the interview and wish the company great success in the future.
Disclaimer:
This is an interview that has been done on behalf of the company. Impala Nordic and/or people behind Impala Nordic are guarantors in the company's ongoing rights issue.
