AUS: Goodman Fielder profits rise

By: just-food.com | 26 August 2009

FY revenue up 6.5% to A$2.85bn
Net profit up from A$27.7m to A$177.1m
Sees “keen interest” in sale of edible oils

Australian bakery and spreads maker Goodman Fielder has posted a jump in net post-tax profit on the back of sales gains and lower input costs.

Profit climbed from A$27.7m (US$23.1m) to A$177.1m, while sales increased 6.5% to A$2.85bn as Goodman upped its focus on building brands through product innovation and "robust" brand support.

In a regulatory filing, the company said that it has "successfully weathered" three years of record high agricultural commodity pricing, with input costs now beginning to drop. Goodman said the trend enabled it to improve margins in the second half and "exit the year in a strong position".

During the 12 months, Goodman Fielder registered one-off gains of A$10.6m related to a sale of a non-core business in New Zealand and manufacturing facilities sold under the group's leaseback programme.

The company said that the sale of its edible fats and oils business was progressing, with a "number of parties" expressing "keen interest" in the potential acquisition.

Goodman added it it was also considering strategic acquisitions to strengthen its core portfolio.

Click here for the full press release, or check back later for just-food's in-depth analysis of Goodman Fielder's FY numbers.

Sectors: Baby food, Bakery, Chilled foods, Commodities & ingredients, Snacks

Companies: Goodman Fielder