Australian bakery chain Brumby’s Bakeries has reported a record half-year profit but does not plan to list on the Australian Stock Exchange just yet.

The Brisbane-based chain reported pre-tax profit of A$998,000 (US$625,000) for the first six months to 31 December 2002, up 18% year-on-year, reported the Australian Associated Press.

Brumby’s, which has 270 franchises across Australia and New Zealand, also announced plans to invest $60m in expanding the number of its franchises to almost 500 over the next five years.

The company’s plans to list on the stock exchange were shelved because of stock market volatility, according to managing director Michael Sherlock.

Next month, shareholders in the unlisted public company will vote on an agreement to buy back 23.6% of the company’s shares from Burns Philp, which inherited the stake through its acquisition of Goodman Fielder.