Australian pie company Patties Foods has reported a 6% increase in annual profits on the back of higher sales.

Patties yesterday (27 August) reported net profit of A$19.5m (US$20.2m) for the year to the end of June, up from A$18.4m a year earlier.

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EBIT increased 5.7% to A$31.6m, although Patties said its EBIT margin as a percentage of sales fell amid the “challenging” economic environment.

The company said its revenue rose 8.8% to A$235.8m. Patties pointed to NPD, new contracts and its success in maintaining its leadership of branded savoury and fruit pies. It also reported “strong growth” in out-of-home sales in channels like petrol stations and convenience stores.

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