Australian pie maker Patties Foods said it views the future with “confidence”, despite posting a drop in full-year earnings today (24 August).


Net profit after tax (NPAT) for the year fell 18.7% to A$11.3m (US$9.5m). After adjusting for one-off items, the normalised NPAT was A$11.8m, down 21.3% from the prior year.


One-off items were payments of mutually agreed sums made by Patties to former senior executives and related costs in connection with their departure from the company.


Earnings before interest, tax, depreciation and amortisation (EBITDA) reduced slightly by 2.1% to A$26.3m.


Net sales, however, were up 9.3% to A$179.2m, driven by a 19% increase in the company’s out-of-home division.


The company launched a number of products during the year, including extensions of the Four n Twenty Hungry Man range, Nanna’s fruit pie range, and Wedgwood and Snowy River ranges.


Chairman, Chris Riordan said: “With the expected continuing improvement in factory efficiencies, the branded in-home segment and the Davies bakery business, the continuing growth of the out-of-home business and reduced interest expense, we look forward to an improved trading result in full-year 2010.”