Australian snack group Buderim Ginger has indicated that it is on the lookout for strategic acquisitions as it focuses on developing its business at the premium end of the speciality food sector.

Speaking at the company’s AGM, Buderim chairman John Ruscoe told investors that the company needed to become “bigger” in the premium speciality sector, where it has “the right skills and a sustainable competitive advantage” but remains “sub-optimal” in terms of scale.

“We need to keep up or even accelerate our growth. Whilst there is room for organic growth in some divisions, we also need to look at other opportunities which align with our strategic objectives. In difficult times, opportunities often beg,” he said.

Ruscoe added that Buderim has “nothing specific” to report on this at the moment but that it continues to “evaluate opportunities”.

Looking to Buderim’s operating performance, Ruscoe revealed that first-quarter demand had been dented by the economic downturn and said that the company was unable to provide guidance for the full year.

“Whilst we are confident in our business plans and seek operational improvements and increased profitability in all divisions it would be irresponsible to provide a financial forecast so early in the year,” he said.

“With a number of new initiatives and the unsettled nature of consumer demand at present, our first quarter has been poor, but we expect a strong rebound in the second quarter.”