Patties pies posts profit push28 August 2012
Pie maker Patties Foods recorded a 6% net profit boost to AUS$19.5 million in the year ending 30 June.
Patties said that sales were up 8.8% to AUS$235.8 million on product innovation, new contracts and growth in branded products. The firm launched 17 new products in the final quarter and sold 300 pies, party pies and sausage rolls in the year under its Four'N Twenty, Herbert Adams, Nannas, Creative Gourmet and Chefs Pride brands.
"In a trading environment where consumers continue to shop for value, strong revenue growth of 8.8% has been achieved," said Greg Bourke, Patties' managing director.
The pie producer added that it would aim to expand its business outside of In the current financial year. The firm has just started selling frozen Four'N Twenty pies in the UK and could extend the pilot in mainland Europe and Asia if it is successful.
Patties declared a final dividend of 4.4 cents per share. Shares were up 2.5% to AUS$1.59 on the news.
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