AUSTRALIA: Allied Brands names new chairman, warnes of FY loses

By: just-food.com | 28 June 2006

Allied Brands, which operates the Baskin Robbins franchise in Australia, has announced the appointment of Murray d'Almeida as director and board chairman with immediate effect.

With a long career in the franchising industry, d'Almeida was the founder of the Donut King business and is chairman of Environmental Solutions Ltd and a director of Bartercard plc.

Allied Brands also said that it expects to post a pre-tax loss of between A$1.4m (US$1.02m) and A$1.6m for the full year to the end of June 2006. The company said this was due primarily to the write down in the carrying value of company-operated stores that do not satisfy the asset impairment test. There have also been some further provisions for bad debt, write down in value of equipment stock held for resale, some write off of residual costs related to takeover activity and provisions against contracts required under the new AIFRS accounting standards, the company said.

However, Allied Brands did report that same-store sales for the period from December to the end of May were up by 4%, while total system sales for that period were up by 11%.

Companies: Baskin Robbins