Freedom Foods Group, the Australian free-from cereal and snacks firm, saw its earnings soar in its fiscal year.
In the 12 months to the end of June, net profit reached A$6.4m (US$) for the 12 months. This compared to earnings of A$3.3bn last year.
Freedom said it benefited from sales growth of 41% in its cereals division, and 28% sales growth from its dairy alternative beverages during the year.
Group operating EBDITA reached A$11.6m for the year, from A$5.4m in the previous corresponding period.
The growth reflected increased sales and profitability in the Freedom Foods business, consolidation of Pactum Australia for 12 months and a contribution from its speciality seafood division, the firm said.
Pactum’s expansion into portion pack UHT, for value added beverages, was completed in December last year and the business unit made a material contribution in this fiscal. The establishment of the new Pactum Dairy Group UHT dairy facility was also progressed during the year.
Net sales were up 69.8% to A$98.72m.
