Patties Foods defies “difficult trading conditions” to post H1 profit increase21 February 2012Australian pie manufacturer Patties Foods has recorded a boost in H1 profits, despite continued “difficult trading conditions” in the six months to 31 December. The Victoria-based company said that it netted A$10.8m during the period – up 11.1% year-on-year. EBITDA hit A$21m – a 9.1% increase on the same period last year. Revenue reached A$119.4m - a 6.8% improvement year-on-year - after the pie maker’s Four ‘n Twenty, Herbert Adams and Patties brands experienced strong sales in convenience stores and petrol stations across the country. Patties provided a cautious forecast and said that it expected to experience “volatile” market conditions and low consumer confidence in H2. “In these difficult trading conditions, we have controlled costs, captured new revenue opportunities in the out-of-home channel and continued to invest in our brands," said Greg Bourke, Patties Foods’ managing director. "With our pipeline of new products to be launched in the second half, the contribution from our new contracts and continuing manufacturing efficiencies, and with the resilience of our major categories in uncertain economic times, we expect continued earnings improvement for the remainder of FY12." | |
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