Patties Food attributes strong half year results to innovation

  • February 20, 2012
  • Luke Creely

ASX-listed food company, Patties Food Limited, whose products include Australia’s iconic pie brands Four’n Twenty and Herbert Adams, announced a positive set of results for the half year ended on December 31, 2011. For the fifth consecutive half, Patties Food reported financial growth, with an 11.1% increase of Net Profit after Tax (NPAT) to $10.8 million for the half-year.

It reported an 11.3% increase in earnings before interest and tax (EBIT) to $17.7 million.

Managing Director, Mr. Greg Bourke, said he was pleased with the half year results: “It is pleasing to continue the earnings growth of the last two years. 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,” he said.

Mr. Bourke highlighted the Out-Of-Home market as significant to the company’s financial strategy.

“(We focused on) employing a multi-channel strategy which recognizes the significant opportunities in the Out-Of-Home channel,” he said.

The Out-Of-Home product range includes market leaders Four’n Twenty, Herbert Adams, and Chef’s Pride.

Patties Food Chairman, Mr. Chris Riordan, emphasised innovation with brand development as a key to growth.

“The sustained earnings growth in challenging trading conditions reflects board and management’s commitment to our core strategies of supporting and growing our brands, particularly with a focus on innovation,” he said.

The innovations had included Creative Gourmet Smoothie Cubes, the Patties’ East Meets West entertainment pack, and Nanna’s Combo Pack of snack pies.


Bookmarks

Reader Comments

Australian Food News reserves the right to edit or not publish comments of a potentially offensive or defamatory nature. Comments will not be published if name and email address has not been provided (name and email will be withheld if requested).

The opinions expressed below are those of Australian Food News readers and do not necessarily reflect those of Australian Food News.