New Zealand meat processor Richmond has said its full-year pre-tax profit will be up on last year and will even beat its own internal forecasts.

“Richmond announces that it will comfortably exceed both its year-end target and the prior year profit before tax of NZ$20m (US$12.4m),” the company was quoted by Reuters as saying.

Earlier this week, meat processor PPCS unveiled a $3.11 per share takeover offer for the remaining shares in Richmond. PPCS already owns a 62.9% stake in its former rival.