Lite n’ Easy expects to notch up $500m in revenue in the 2025 financial year

A pioneer in the ready-made meals sector expects to ring up more than $500m in revenue in 2024-2025 having diversified its range from weight-loss to healthy convenience meals.

Assembly team members working in the Lite n' Easy Main Assembly Hall at Banyo. Picture: Liam Kidston.

From a business purely focused on weight loss ready-made meals, Lite n’ Easy’s diversification strategy will see it push past the $500m revenue barrier for the 2025 financial year.

Chief executive Nathan Hayman said despite tougher economic conditions the company continues to grow as it adds more products to its line-up to cater for time-poor households in an ultra competitive sector.

“In the last 12 months we’ve seen continued growth in the business. We are up 28 per cent on revenue on 2020 and we’ve achieved single digit growth year-on-year,” he said.

“We achieved $493m in revenue in the 2024 financial year and I’m sure we’ll crack the $500m revenue mark for the first time in 2025.”

According to its financial statement lodged with the Australian Securities & Investments Commission in 2022-23 the company turned over $438m and the year before $418m. In FY23 it made a $5.9m profit and the year before $14.47m.

Launched in Queensland in 1986 by Graham Mitchell who still owns the company, Lite n’ Easy, which operates under the Mitchell’s Quality Foods umbrella, set out to deliver healthy quality food direct to the customer that would aid long-term weight loss.

Five years ago Lite n’ Easy’s customer base was 80 per cent weight loss and 20 per cent healthy convenience and by 2024 it has changed to 60 per cent weight loss and 40 per cent healthy convenience.

Mr Hayman said it will soon be a 50-50 split for the company that offers more than 235 different meals, through breakfast, lunch and dinner.

Lite n' Easy CEO Nathan Hayman.

The $2bn pre-made meals sector grew over the Covid pandemic with stay-at-home customers taking up products from more than 200 companies in Australia including Lite n’ Easy, McCain Foods, Heat to Eat, My Muscle Chef and Youfoodz.

Mr Hayman said Lite n’ Easy’s diversification strategy was in response to surveying and talking with customers.

“We’ve recognised that people are looking at healthy, convenient food rather than eating to achieve weight goals as they have in the past,” he said.

Over recent years the Brisbane headquartered company has launched range of products moving away from its initial pioneering home delivery service, with frozen meals available in IGA supermarkets across Australia.

Across its retail range year-on-year sales have increased more than 60 per cent and last year they also launched their Xpress Meal Kits (box of ingredients for nightly dinners) for the whole family. The range is also growing with the range now included 13 different options.

Lite n’ Easy is not just focused on families, it now fuels over 1000 women in sport through the supply of high calorie and high protein meals.

And at the start of 2024 Lite n’ Easy also targeted the younger generation who want to lose weight fast with the introduction of their protein shakes.

To cater for the product expansion Lite n’ Easy has started work on expanding its main production facility at Banyo in Brisbane’s inner north.

They are putting additional manufacturing lines and they are recruiting another 40 employees in addition to the 1750 staff across Australia.

Mr Hayman said Lite n’ Easy’s has had to negotiate the economic headwinds like the rest of Australia but it was important to continue to evolve.

“For me innovation continues to be a key focus for the business and that innovation inspires you to continue the positive growth trajectory of the business,” he said.

“We have actually finalised a new product range which we will available for release in January 2025. The exact offering is a little top secret at the moment but we are confident it will be a tasty convenient and nutritious range of products that our customers will enjoy.”