Warrnambool Cheese and Butter Factory has announced a loss of $19.9 million as revenue fell 16% to $441 million on the back of an “unprecedented downturn” in the dairy industry. The company had announced a downgrade in expectations in June, suggesting the profit would come in between $16 and $18 million. “This is a very disappointing result,” WCB’s CEO and Managing Director, John McLean, admitted. “After a period of excellent commodity price growth, the global... ...Read more »

Clean Seas Tuna has reported a loss of $18.378 million in the 2008/09 financial year but has taken a step forward in their revolutionary attempt to breed commercial quantities of Southern Bluefin Tuna. The loss was largely due to winding down Mulloway operations and writing down the value of certain Kingfish inventories. “While FY2009 was a tough year financially for Clean Seas and the world economy, the company is proud of the achievements made in breeding and growing SBT during the year,”... ...Read more »

Australians have made various lifestyle changes in response to the recession, including sacrificing some of their favourite brands to save money. However, it is the type of sacrifices being made that has proved most interesting, according to Datamonitor’s Recession & Recovery research. Madam Butterfly The downturn has prompted the majority of Australians to make some sort of sacrifice in their everyday spending. Whether it is bringing lunch from home, renting DVDs instead of going to the... ...Read more »

Woolworths CEO Michael Luscombe has advised that the supermarket chain has no specific figure in mind for the penetration of private label goods on their shelves. The retailer, which reported strong profit growth last week, has seen an uptick in demand for private label goods over the last couple of years and continues to direct more funds toward development of their range. However, despite noting that private label share in Australia remains low by overseas standards, the company has reportedly... ...Read more »

International food buyers from more than 30 countries are making their way to Sydney next week to savour and spend up on the best of Australia’s food offerings at Fine Food, according to Exhibition Organiser, Diversified Exhibitions Australia. “Fine Food, in conjunction with Austrade, has a successful track record of matching buyers with suppliers,” Exhibition Manager, Minnie Constan, suggested. “Austrade estimate export sales resulting from the 2007 show in Sydney were valued... ...Read more »

Despite the tough economic conditions at home, new research from Britain shows shoppers are showing increasing concern over the welfare of people producing their food and groceries in developing countries. The study from international food and grocery expert IGD discovered that more than half (52%) of shoppers feel that the pay and conditions of people producing their groceries in poorer countries is an important consideration, while an additional third (34%) would like these workers to enjoy good... ...Read more »

Mandatory fortification of folic acid in bread will be deferred until May 2012 in New Zealand, with the focus now on introducing a targeted voluntary programme, NZ Minister for Food Safety Kate Wilkinson announced this week. Australia and New Zealand were due to make folic acid fortification mandatory as of September 13, but New Zealand has backed away from the plan after concerns were raised about the health ramifications. At this stage, Australia is still pushing ahead with the plan. The regulatory... ...Read more »

Entries for the Fine Food Best New Product Awards have exceeded expectations for this year‘s event in Sydney, according to Exhibition Manager, Minnie Constan. The number of new products entered into the awards this year is just over 300 – comfortably above last year’s tally of 174. “New products, ideas and innovations are widely recognised as the key to success in the food business so it’s exciting that, even in this year of global financial uncertainty, there are so many... ...Read more »

Feeling the sting of a bleak global economy, consumers around the world cut back on visiting foodservice outlets in the first part of the year, according to market research firm The NPD Group. NPD’s CREST, which tracks consumer usage of foodservice in Canada, France, Germany, Italy, Japan, Spain, United Kingdom, and United States, reported foodservice traffic declines in all of these developed economies aside from Canada where visits were flat. Total spending at foodservice outlets fell in... ...Read more »

Retailers have welcomed the support of Deputy Prime Minister and Employment Minister Julia Gillard for a five year transition to higher penalty rates under the modern retail award. “The Deputy Prime Minister’s announcement today will ease some of the pressure on retailers who are doing all they can to retain staff,” Australian National Retailers Association (ANRA) CEO Margy Osmond suggested. “ANRA commends the Deputy Prime Minister for responding to employers’ concerns.” Retailers... ...Read more »