AUSTRALIA: SPC seeking international acquisitions, posts strong net profits

Fruit canner and marketer SPC Ltd hopes to hike the percentage of overall revenues generated overseas from 30% to 50% within the next three years. The announcement came as the group unveiled a 10.9% increase in net profits to A$9.52m for the last financial year. The company is looking to increase its presence across all five of its core business areas, namely national branded sales, contract manufacturing, food service, international sales and Pak Technology, and acquisitions are likely to come both in Australia and abroad. No serious talks have yet taken place, although chairman Chris Riordan said earlier this month that preliminary discussions were already underway with four companies in the Austrialian food sector.

February 16, 2001

Fruit canner and marketer SPC Ltd hopes to hike the percentage of overall revenues generated overseas from 30% to 50% within the next three years. The announcement came as the group unveiled a 10.9% increase in net profits to A$9.52m for the last financial year.

The company is looking to increase its presence across all five of its core business areas, namely national branded sales, contract manufacturing, food service, international sales and Pak Technology, and acquisitions are likely to come both in Australia and abroad. No serious talks have yet taken place, although chairman Chris Riordan said earlier this month that preliminary discussions were already underway with four companies in the Austrialian food sector.

SPC is currently undergoing a major restructuring to simplify its three-tiered ownership structure into a single entity listed on the Australian Stock Exchange in a move to help the group grow and improve its share price. For more information on this, click here.