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October 20, 2006

AUSTRALIA: Allied Brands reports return to profitability ahead of schedule

In a statement to the Australian stock exchange, Allied Brands said that it expected to return to profitability in the first quarter. Previous guidance had forecast a loss for the September quarter, the company said.

Allied Brands has said that it expects to return to profitability in the first quarter. Previous guidance had forecast a loss for the September quarter, the company said.

For the first time in its listed history, Allied Brands reported a profit for the winter season, registering a A$215,000 (US$162,927) profit.

The company said in a statement to the Australian stock exchange that brand health had improved with same-store-sales up 10%, ahead of market forecasts. 

Allied Brands’ convertible note issue was closed oversubscribed, with A$300,000 of the capital raised used for additional working capital, A$700,000 used to repay debts and the balance of A$1,500,000 being held to fund future acquisitions.

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